INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS): THE NEW
ACCOUNTING SYSTEM
➢ Financial statements prepared using a common set of accounting standards help
investors to understand investment opportunities in a better way.
➢ Ind AS is a set of accounting norms developed by Indian authorities, which
converge with the International Financial Reporting Standards (IFRS).
➢ Convergence to IFRS will not only help the economy, but also further the
acceptance of IFRS as global accounting language which provides single set of
high quality information globally.
➢ Government of India has notified the roadmap for implementation of IFRS (IFRS
9) converged Indian Accounting Standards for banks, replacing IAS 39 and
superseding all previous versions
ACCOUNTING SYSTEM
➢ Financial statements prepared using a common set of accounting standards help
investors to understand investment opportunities in a better way.
➢ Ind AS is a set of accounting norms developed by Indian authorities, which
converge with the International Financial Reporting Standards (IFRS).
➢ Convergence to IFRS will not only help the economy, but also further the
acceptance of IFRS as global accounting language which provides single set of
high quality information globally.
➢ Government of India has notified the roadmap for implementation of IFRS (IFRS
9) converged Indian Accounting Standards for banks, replacing IAS 39 and
superseding all previous versions
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