A Study On Opportunities And Problems Of IFRS In India
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Abstract
In the present era of globalization, the World has become an economic village. All the countries of the world are dependent on each other and trading with each other for fulfillment of their needs. For making it more convenient world requires a common accounting language. The Globalization and development of technologies like E-commerce have made it compulsory to adopt a transparent and unified accounting language which is suitable for all countries for dealing with each other. IFRS refers to International Financial Reporting Standards. These are applied while preparing the Balance sheet and other profitability statements of a Company and are developed by IASB. These have already been applied more than hundred countries and would soon be used across the Globe. The present study is an attempt to study opportunities and problems of IFRS in India.
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References
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