INTERNATIONAL FINANCIAL REPORTING STANDARDS CONVERGENCE AND ACCOUNTING STANDARDS IN INDIA: A COMPARATIVE STUDY

The convergence of International Financial Reporting Standards (IFRS) with national accounting systems has redefined the scope of global financial reporting. In India, the adoption of Indian Accounting Standards (Ind AS) marks a significant step toward harmonization with IFRS while retaining adjustments for local regulatory and economic conditions. This study conducts a comparative analysis of IFRS and Ind AS, focusing on the extent of convergence, adoption timelines, and modifications introduced to suit domestic requirements. The analysis evaluates the impact of convergence on financial reporting practices, particularly in improving disclosure quality, enhancing transparency, and strengthening investor confidence. The paper also highlights the critical role of regulatory oversight in ensuring compliance, addressing implementation challenges, and promoting consistency across industries. The study underscores both the opportunities and limitations of global accounting harmonization by situating India’s convergence experience within the broader framework of developing economies. Overall, the findings contribute to academic and professional discourse on the implications of IFRS adoption, offering insights for policymakers, practitioners, and regulators engaged in shaping the future of international financial reporting.