Published Paper Details:

IFRS are International Financial Reporting Standards, which are issued by the International Accounting Standards Board , a committee compromising of 14 members, from nine different countries, which work together to develop global accounting standards . Presently, there are two sets of accounting standards that are accepted for international use namely, the U.S., Generally Accepted Accounting Principles and the International Financial Reporting Standards issued by the London-based International Accounting Standards Board. Generally, accepted accounting principles are diverse in nature but based on a few basic principles as advocated by all GAAP rules. The attempt to achieve congruence with IAS appears to be more a by-product of the country's rapid economic growth rather than its catalyst. However, continued growth and the attraction of foreign capital to domestic ventures will depend on the transparency of the financial dealings. The global financial crisis surfaced the lack of transparency about the risks to which investors were exposed from their involvement with off balance sheet vehicles as a result of which the G20 leaders and the Financial Stability Board asked the International Accounting Standards Board to review the accounting and disclosure requirements for such off balance sheet vehicles .