A COMPARATIVE STUDY OF ACCOUNTING STANDARDS AND LONG TERM INVESTMENTS

Dr. Smita Patidar, Dr. Sapna Soni

Abstract


Abstract – The study intends to make a comparative analysis of the accounting standards for investment in India. India one of the fastest growing global economics in on the verge of converging with international financial reporting standard as on date 123 countries across the globe have converged with IFRS. India is soon to join the bandwagon. The ministry of corporate affair will implement the IFRS converged are resolved with the concerned department, consequently the companies listed outside but carrying their operation in India will need to convert their account from India. GAAP to IFRS while some of companies would like to see how their present financial statements would look if these were prepared as per IFRS. Though there has been considerable delay in the implementation of these were standards, efforts are on the run. The newly revised schedule VI which is completely based on IAS 1 is a clear evidence of being optimistic on convergence with IFRS.


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References


Assma Sawni – The changing Accounting Environment.

www.icai.org.

www.ifrs.org.

financial account – S.M. Shukla.


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