Accounting Standards and IFRS

OVERVIEW: What are Accounting Standards? What is IFRS? What is Convergence of Accounting Standards? Convergence of Indian accounting standards with IFRS Role of ICAI in convergence Role of SEBI in convergence Role of Industry Associations in convergence Advantages and Challenges for convergence Meaning of Accounting Standards: In order to ensure transparency consistency, comparability, adequacy and reliability of financial reporting, it is essential to standardize the accounting principles and policies, Accounting Standards provide framework and standard accounting polices so that the financial statements of different enterprises become comparable. Accounting Standards [...]


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What is it?? Does it really affects our lives?? Is there any need to understand it?? The answer is Yes….and the reason will be known to you as you will go through this article. First of all, let me explain you the meaning of : This is the system of our Thought Process running continuously in our mind either we are awake or sleeping. This is the real state of our mind that directs us regarding what to do or i can [...]