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Authors
Affiliations
1 Indira Gandhi National Open University (IGNOU), Delhi, IN
2 Pandit Jawaharlal Nehru Institute of Business Management, Vikram University, Ujjain, Madhya Pradesh, IN
3 IPS Academy, Institute of Business Management & Research, Indore, Madhya Pradesh, IN
Source
Journal of Commerce and Accounting Research, Vol 9, No 2 (2020), Pagination: 01-15
Abstract
The Ministry of Corporate Affairs of India, vide its notification G.S.R 111(E) dated 16 February 2015, requires compliance of IFRS converged Ind AS in preparation of financial statements and audit by Indian listed companies for the accounting periods beginning on or after 1 April 2016. However, few internationally listed companies were voluntarily reporting their financial statements as per IFRS along with the financial statements prepared as per Indian Generally Accepted Accounting Principles (IGAAP) before 1 April 2016. This paper examined the effect of IFRS and IFRS converged Ind AS on the financial reporting of selected listed Indian companies for which financial reporting under the three set of standards for the same period was available. It was also analysed whether value relevance of financial information provided under IFRS and Ind AS was higher than that provided in financial statements prepared as per previous IGAAP, for the investors when they have to make decisions in the capital markets. The result of the research revealed a significant quantitative impact of IFRS and Ind AS on some of the selected accounting figures and ratios. It was also observed that IFRS and Ind AS had a positive effect on the relevance of financial reporting.
Keywords
Effect, International Financial Reporting Standards (IFRS), IFRS Converged Ind AS, Indian GAAP, Financial Reporting, India.
