2024, Vol. 5, Issue 2, Part I
A review regarding both Indian and foreign accounting standard
Author(s): R Suresh and CH Suprathi
Abstract: It is appropriate to look at the technical foundations of global reporting Standards (IFRS) in international auditing standards (IAS), as well as the ramifications they are going to have for the accounting industry and the harmonization process, given their broad acceptance. In this regard, it is suggested that countries with a variety of accounting cultures and systems of government embrace IAS/IFRS. It is made possible by the inherent flexibility of the principles-based approach to the standards. Significant changes must also be made to accounting firms’ organizational structures, business models, and training programs in order to implement the principles-based approach. Additionally, the competencies of accountants and, by extension, their educational backgrounds must be modified. Finally, we conclude that the IAS/IFRS standards are an important step toward accounting harmonization, although more work needs to be done to increase the comparability of financial indicators across countries and geographical areas. This essay talks at the issuance procedure for both Indian or international accounting standards.
DOI: 10.22271/27084515.2024.v5.i2i.420
Pages: 735-739 | Views: 63 | Downloads: 22
Download Full Article: Click Here
How to cite this article:
R Suresh, CH Suprathi. A review regarding both Indian and foreign accounting standard. Asian J Manage Commerce 2024;5(2):735-739. DOI: 10.22271/27084515.2024.v5.i2i.420
Other Journals