• Dr. Dhanesh Kumar Khatri

The implementation of IFRS (International Financial Reporting Standards) requires to set transition date and first reporting date. It also requires the companies to present at least one comparable set showing comparative financial statement presented under Indian GAAP and under IFRS to facilitate proper interpretation. Convergence with IFRS in India ICAI has set the first transition date April 2010 from this date companies should start adopting IFRS and first reporting date has been set as March, 2012 by which first set of financial statements as per IFRS should be published by Indian companies. To comply with this in January 2011 ICAI has issued the draft of near final Ind-AS which correspond to IFRS. This is like a last milestone before the unveiling of the final draft of Indian Accounting Standards converged with IFRS. Convergence with IFRS in USA Securities and Exchange Commission (SEC) has issued the guidelines about the adoption of IFRS by the companies in USA. It has decided a timeline year 2014 by this date companies are required to shift from US GAAP (US globally accepted accounting policies) to IFRS in a gradual manner. SEC plans to have complete adoption of IFRS by the year 2016.

IFRS, Convergence, Share based payment, Business combination, Insurance Contracts, Schedule VI

"A COMPENDIUM OF CONVERGENCE FROM INDIAN ACCOUNTING STANDARDS (Ind As) TO IFRS ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 11, page no.g852-g861, November-2024, Available :http://www.jetir.org/papers/JETIR2411690.pdf

"A COMPENDIUM OF CONVERGENCE FROM INDIAN ACCOUNTING STANDARDS (Ind As) TO IFRS ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 11, page no. ppg852-g861, November-2024, Available at : http://www.jetir.org/papers/JETIR2411690.pdf