IFRS convergence: opportunities and challenges in India
-
DOIhttp://dx.doi.org/10.21511/afc.01(2).2017.02
-
Article InfoVolume 1 2017, Issue #2, pp. 13-18
- Cited by
- 3835 Views
-
1739 Downloads
This work is licensed under a
Creative Commons Attribution-NonCommercial 4.0 International License
Past decade has witnessed several changes in the process of conduct of business activities across the world especially due to the wave of globalization. It has also made drastic changes in the process of financial reporting, in particular the continuing adoption of IFRS (International Financial Reporting Standards) worldwide. IFRS are high quality, understandable, enforceable and globally acceptable accounting standards issued by IASB (International Accounting Standard Board). Thus these are a set of international accounting standards stating how a particular type of transaction and other events should be reported in the financial statements. Thus IFRS are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS is becoming the global language of business with over 40% of the world adopting this as their standard for reporting. India also decided to converge to IFRS from 1st April 2016 in a phased manner, which in turn improves the financial statement comparability and transparency that helps to attract greater cross border investments. This paper focuses on the convergence of IFRS with Indian Accounting Standards, its utility, issues and challenges faced by the stakeholders. It also throws light to the ways through which problems can be addressed.
- Keywords
-
JEL Classification (Paper profile tab)G30, M41
-
References12
-
Tables1
-
Figures0
-
- Тable 1. IFRS convergence in some countries
-
- ASSOCHAM. (2014). IFRS in India. Cost Accountants of India, 3-7.
- Preethi, S., Dr. Deepti, M., & Rawat, D. S. (2015). Challenges and Prospects of IFRS in Indian Accounting Systems. International Journal of Core Engineering and Management, 142-149.
- Govindarajan, N. (2014). Introduction to IFRS and Convergence. Slide Share.
- Gurpreet, K., & Amit, K. (2014). IFRS in India: Problems and Challenges. Research gate.
- Kirit, M., & Meenakshi, S. (2015). IFRS: Challenges Ahead. ICAI, 24-27.
- Meenu, S., & Kavitha, N. V. (2011). A Study on IFRS in India. International Journal of Innovative Research and Development, 362-367.
- Pawan, J. (2011). IFRS Implementation in India: Opportunities and Challanges. Research Gate.
- Richard, R. (2008). IFRS: Impact on Indian Corporates. The Economic Times.
- Shanthanu, D. K. (2015). Indian Accounting Standards and IFRS. Slide Share.
- Shobhan, S. (2013). IFRS Convergence and Applicability in India: Some Issues. Economic Times, 24-32.
- Vinayagamoorthy, A. (2012). Oppertunities and challenges in adopting IFRS in India. International research journal of management sociology and humanities, 120-125.
- Yash, B. (2012). Challenges in Convergence of India GAAP and IFRS. Slide Share.
-
The role of accounting in sustainable development
Inna Makarenko
,
Alex Plastun
doi: http://dx.doi.org/10.21511/afc.01(2).2017.01
Accounting and Financial Control Volume 1, 2017 Issue #2 pp. 4-12 Views: 7824 Downloads: 4774 TO CITEIdeology of Sustainable Development and Sustainable Development Goals influence the transformation of business processes in the companies. Professional accountants are important part of this transformation. In this paper the role of accounting in Sustainable Development Goals achievement is discussed. Different approaches to structuring the role of professional accountants in Sustainable Development are investigated. Among them are types of roles that perform accountants, their professional functions, skills and competencies in the corporate environment. As the result a holistic vision of the role of accounting in sustainable development in the new economic conditions is provided.
-
The impact of COVID-19 on the transportation and logistics industry
Dalia Perkumiene ,
Agbonmere Osamede ,
Regina Andriukaitienė ,
Olegas Beriozovas
doi: http://dx.doi.org/10.21511/ppm.19(4).2021.37
Problems and Perspectives in Management Volume 19, 2021 Issue #4 pp. 458-469 Views: 6536 Downloads: 10196 TO CITE АНОТАЦІЯIn this present age of globalization, the logistics and transportation industry has become an integral part of most businesses/firms as it is aimed at ensuring the effective movement of people, distribution of goods and services from one location to another on time. Therefore, this paper aims to analyze the impact of COVID-19 on the logistics and transportation sectors. The qualitative research approach was adopted using analysis and synthesis of scientific literature, data from news reports, organizational sites, and a case study of data contents. The paper presented the analysis of negative and positive effects of COVID-19 on the logistics and transportation industry. The study also discusses possible strategies and further steps for improvement of the logistics and transportation sector, including the automation and introduction of other technologies, a sustainable and flexible transportation system, cooperation of logistics and transportation business. Findings regarding the positive implications of COVID-19 show noticeable advancements in the logistics and transportation sector, such as the rise of e-commerce businesses with efficient delivery options, and the development of 3rd party logistics services as more companies outsource supply chain operations. The study revealed the importance of strategic planning with a joint effort from the research centers, public sector, private sector, and educational institutions as one of the proposed solutions for the logistics and transportation industry.
-
Current trends in global demographic processes
Sergii Sardak ,
Maxim Korneyev ,
Vladimir Dzhyndzhoian ,
Tatyana Fedotova ,
Olha Tryfonova
doi: http://dx.doi.org/10.21511/ppm.16(1).2018.05
Problems and Perspectives in Management Volume 16, 2018 Issue #1 pp. 48-57 Views: 3680 Downloads: 1068 TO CITE АНОТАЦІЯCurrent local and national demographic trends have deepened the existing and formed new global demographic processes that have received a new historical reasoning that requires deep scientific research taking into account the influence of the multifactorial global dimension of the modern society development.
The purpose of the article is to study the development of global demographic processes and to define the causes of their occurrence, manifestations, implications and prospects for implementation in the first half of the 21st century.
The authors have identified and characterized four global demographic processes, namely population growth, migration, increase of tourism, and change in population structure. It is projected that in the 30’s of the 21st century, the number and growth rates of the world population will reach the objective growth and these dynamics over the next two decades will begin to change in the direction of reducing the growth rates, which will lead to gradual stabilization, and eventually reduce the size of the world population. By the middle of the 21st century, one can observe the preservation of the growth rates of international and domestic migration, the growth of international migration flows from the South to the North and from the East to the West, the strengthening of new economically developed centers of gravity (Canada, Australia and New Zealand), the increase in migration of rural population to cities, as well as urbanization and activation of the metropolises development. The share of international tourists in comparison with the world population will be constantly increasing, and the annual growth rate of the number of international tourists will significantly depend on the world economy and may vary at the several percent level. Permanent change will occur in the age, religious-cultural and socio-economic structure of the population.
