IFRS adoption in India has been a burning issue since the announcement made by the Ministry of Corporate Affairs. IFRS has its own pros and cons, and leaving local standards and adopting international standards requires knowledge and expertise. Therefore, this paper tries to find out, both with the help of primary and secondary data analyses, what a corporate report will look like after adoption and what will be the impact of IFRS on key ratio. And to support these analyses, a questionnaire survey was also been conducted. Synchronizing accounting standards across the globe is an ongoing process in the international accounting community. The aim is to understand the implications of applying IFRS in India and how it is accepted by the corporate in India.

In India, the practices used in financial reporting are guided by Generally Accepted Accounting Principles (GAAP), which is a set of accounting principles supported and adhered to by the accounting profession’s authoritative bodies. These authoritative bodies or rules dictate individual principles that have become a part of the GAAP. Indian Accounting Standards (IAS) are a set of standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards (IFRS). These accounting standards are formulated by the Accounting Standard Board of Institute of Chartered Accountants of India. As has been announced, now India will have two sets of accounting standards, viz., existing accounting standards under companies (Accounting Standards) Rules, 2006 and IFRS converged Indian AS. The Indian AS are named and numbered in the same way as the corresponding IFRS. National Advisory Committee on Accounting Standards (NACAS) recommended these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date, the Ministry of Corporate Affairs notified 35 IAS, but it has not notified the date of implementation of the same.

Accounting Research and Audit Practices, Ministry of Corporate Affairs, Generally Accepted Accounting Principles (GAAP), Indian Accounting Standards (IAS), Adoption, Implementation of IFRS, India, International Financial Reporting Standards (IFRS), National Advisory Committee on Accounting Standards (NACAS), Corporate Experience.