• A. PRABHAKAR

This paper examines whether the mandatory adoption of International Financial Reporting Standards (IFRS) in India, Institute of Chartered Accountants of India (ICAI) had adopted and converges with the International financial Reporting Standard (IFRS) by April 2011. Has improved the value relevance of accounting information, information content of earnings, financial analyst forecasting activities, and liquidity. We examine the variables in the pre‐IFRS mandatory adoption sample period, considered herein as 2008 to 2009, and the post‐IFRS adoption period of 2011 to 2012. One may look at IFRS as mere legal compliance or also as another step towards globalization. This article tries to explain the concept of accounting standard and the concept of IFRS to the readers. The international as well as Indian Accounting Standard has a historical back ground of approximately 35 years. As per the contemporary business needs, the International Accounting Standard will be replaced by IFRS in more than 100 countries. However the advantages of IFRS are very assuring. IFRS will bring India Inc to the equal platform with foreign multi-nationals, will create opportunity to attract foreign investment, it will help business combinations and support investor-friendly financial statements. A change in the paradigm shift now, needs to be translated in the change in the mindsets of the Indians to adopt IFRS as early as possible.

IFRS, Advantages of IFRS to India, Accounting, International Financial Reporting Standards, Steps in IFRS convergence in India

"INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS): A NEW ILLUSTRATION IN THE INTERNATIONAL BUSINESS", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.1, Issue 5, page no.349-357, May-2014, Available :http://www.jetir.org/papers/JETIR1701093.pdf

"INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS): A NEW ILLUSTRATION IN THE INTERNATIONAL BUSINESS", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.1, Issue 5, page no. pp349-357, May-2014, Available at : http://www.jetir.org/papers/JETIR1701093.pdf