Accounting Education for the Implementation of IFRS in India-An Empirical Study

Shivani Kampani and Prof. M.L. Vadera

This paper aims to explore some of the key implications for accounting education in India of the global movement of converging national GAAP with IFRS as issued by International Accounting Standard Board (IASB). The focus is primarily on the education of accounting students. The moves from local GAAP to IFRS require training and education both for the professional as well as for the users. Availability of well -trained people is a pre requisite to make it a smooth exercise. The mission of the IFRS Foundation and the Board is to develop IFRS standards that bring transparency, accountability and efficiency to financial markets around the world. As the importance of accounting education grows in today’s world there is need of high level of understanding of both the theory and practice of accounting. Accounting education is very important and it can be applied to any job industry. The accounting fields are one of the most stable ones and provide a lot of job opportunities. Each and every person at some point in their life requires financial information for making investment decisions. Hence a good level of understanding of accounting helps a person to make better decisions. For making better investment decisions there is a need of single set of reporting standards which are fulfilled by IFRS. This paper covers the importance of IFRS in accounting education, the initiatives taken for IFRS adoption in India and some of the key fundamental changes which are important for understanding IFRS.

Volume 11 | 04-Special Issue

Pages: 2162-2166