Published Paper Details:

Although a large number of countries of the world adopted the IFRS for their accounting purposes, when it comes to India despite the strong intention to implement the same in the banking sector, only a partial implementation has been attempted so far. The Reserve Bank of India itself argues for its implementation in its reports. Yet it remains only in intentions and not in implementation. Therefore, the benefits and challenges due to the implementation of IFRS can only be perceived and observations can be made only based on such perceptions. Currently, a large number of studies are available on the benefits and challenges of IFRS. Most of such studies have relied on the arguments after analysing the secondary data. There is a strong need to study the people, business and environment and prepare the ground for the effective implementation of the accounting standards as available in the IFRS. The Reserve Bank of India has also advised the banking and non-banking financial institutions of India as early as 2016. In this paper an attempt has been made to discuss the benefits and challenges of IFRS in the banking sector of India through perceptive observations.