Value Addition by IFRS

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Value Addition by IFRS

The IFRSs have been in the accounting field for quite some time, for more than four decades (1973), quietly spreading their wings across the globe, quite naturally following the gradual march of financial liberalization and its globalization. Still there are said to be important lands of non-acceptance of following the ‘universal’ IFRSs, if not their outright rejection of which the USA, the economic superpower and India an emerging major (superpower) market economy appear to stand out as both of them have their own Accounting Standards. There is no doubt about the Indian accounting standards being quite high and the accounting profession being strong, emerging after a tough training and exacting examination, with the government of India also bestowing its best attention upon the accounting standards and profession, by, among other things , the Accounting Standards Board (ASB) in 1977, just after 4 years of founding of the International Accounting Standards Committee (IASC) in 1973, of which India too is a member, and India as a major nation does not shirk from its international responsibilities.

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