An investigation into recent changes to accounting regulation in India : a thesis presented in fulfilment of the requirements for the degree of Master of Management in Accountancy at Massey University, Palmerston North, New Zealand
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Date
2005
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Massey University
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Abstract
In April 1977 the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) was formed to harmonise the diverse accounting policies and practices of various enterprises at that time. The ASB undertook the task of considering the International Accounting Standards (IASs) and/or International Financial Reporting Standards (IFRSs) and integrating them into the laws, customs, usages and business environment present in India. The current study investigates the rationale of the step of adapting the IFRSs to the Indian context focussing on the formulation of accounting standards in India, by examining the accounting environment of India, describing the approach taken by India while adapting IFRSs, identifying the response of Indian companies to IFRSs and the factors that influenced the Indian Government and hence the profession, to take this step. This study contributes to the existing body of literature through explaining the rationale behind the adaptation of IFRSs in India by exploring the culture of the country and relating that to the accounting values of the country. This project examines the issue by taking-up an in-depth study of the rationale behind the adaptation of IFRSs to the Indian context, whereas most of the available literature regarding India explains only a part of the issue and is brief in nature. This study also contributes to the literature by exploring the influencing factors in a systematic manner. Key Words: IFRSs, India, ICAI.
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Corporations, India, Accounting -- Standards