The implementation of International Financial Reporting Standards (IFRS) has emerged as an important step for Indian companies aiming to harmonize their financial reporting with globally accepted practices. As businesses increasingly operate in international markets, IFRS offers a standardized framework that improves transparency, comparability, and uniformity in financial reporting. Nevertheless, shifting from Indian Generally Accepted Accounting Principles (Ind AS) to IFRS involves a number of challenges, such as variations in accounting policies, the need for system modifications, and the requirement for skilled expertise. This paper discusses the relevance of IFRS for Indian enterprises by analyzing both the difficulties and the opportunities associated with its adoption. It further suggests practical measures to ensure a smooth transition, highlighting the need for employee training, engagement of external experts, gradual implementation, and strong governance structures. Through the adoption of IFRS, Indian businesses can strengthen the quality of their financial reporting, enhance their global competitiveness, build investor trust, and expand their presence in international markets.
Shah et al. (Sun,) studied this question.
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