Published Paper Details:

Abstract: The regulators, particularly ICAI, should keep in mind all those aspects where Indian accounting standards and IFRS contradict with each and subject such contradictions to amendments without loss of time. ICAI, Ministry of Corporate Affairs and other organizations should launch online programs besides workshops, seminars and conferences to train the accountants, auditors, managers and investors. The role of government, particularly the Ministry of Corporate Affairs is all the more important, in that they can impress upon the corporate sector and regulators including ICAI, taxation department, SEBI etc. to expeditiously discharge their respective roles and functions for smooth and timely transition to IFRS. The major objective of this study is to find out required steps for effective transition to IFRS in India. Therefore, a survey has been conducted by administering a structured questionnaire to a sample of 400 Chartered Accountants in India. The results conclude that the required steps in implementation of IFRS compress IFRS education in the accounting curriculum, training to accountant and auditors, while training for investors does not have much significance.