• Pradeep Kumar
• Dr(Prof) Jayender Verma

Due to increase in globalization of business at a large scale, most of the corporate in many countries have started convergence of financial statements and disclosures to IFRS for bringing uniformity of the statements. After IFRS came into existence, the accounting standards at national level of most of the developed countries have been altered to make them similar with that of IAS and IFRS due to globalization. Presently, the multinational business entities of the countries which are following IAS or IFRS have to convert the accounts belonging to entities of other countries by using IFRS and then consolidated financial statements are prepared. However, IFRS cannot be made applicable by all the countries across the world due to many constraints which are mentioned in the article in details. There are many barriers in formulation and implementation of IAS or IFRS due to difference in business culture and prevailing accounting practices, local GAAP and national accounting standards and stages through which the countries are going through viz., developing or developed. The same are explained in this study.

Keywords – Accounting standards, Higher education, GAAP, International Financial Reporting Standards IFRS, Annual Reports and Financial Transactions.

"Major issues in implementation of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 5, page no.293-296, May-2019, Available :http://www.jetir.org/papers/JETIR1905F44.pdf

"Major issues in implementation of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 5, page no. pp293-296, May-2019, Available at : http://www.jetir.org/papers/JETIR1905F44.pdf