Ifrs

- Journal of Arts Science & Commerce ISSN 2229-4686 40 GLOBAL CONVERGENCE OF pecuniary REPORTING Dr. Naseem Ahmad Associate Professor Dept. of Commerce, Zakir Husain College (University of Delhi) Delhi, India ahmed.drnaseem@gmail.com Professor Nawab Ali khan Department of Commerce Aligarh Muslim University, Aligarh. India nawabalikhan@indiatimes.com ABSTRACT All study economies have established time lines to converge with or encounter IFRSs in the near future. The world-wide convergence efforts of the organisation are also supported by the Group of 20 leading (G20) who, at their September 2009 meeting in Pittsburgh, US, called on international score bodies to redouble their efforts to achieve this objective within the place setting of their independent standard-setting process. In particular, they asked the IASB and the US FASB to complete their convergence purpose by June 2011.

Adopting a single global accounting delivery will ensure relevance, completeness, understandability, reliability, timeliness, neutrality, verifiability, consistency, comparability and transparency of financial statements and these pose about a qualitative change in the accounting information reports which will strengthen the confidence and empower investors and former(a) users of accounting information around the world. It will also jock acquirers to assess the actual worth of the target companies in insure border deals and thereby furthering the economic growth and business blowup globally. For a decade the companies in India have been using both(prenominal) US GAAPs and more recently International Financial reporting Standards (IFRS) to raise funds from US and European Markets. The Institute of chartered Accountants of India has announced that it will align existing accounting standards with IFRS w.e.f. April 1, 2011 to union the group of 100 countries reporting under IFRS. Key terminology: Reporting, Standards, Convergence, Corporate, Liberalization JEL Classification: M44, M47, M41... If you want to get a honest essay, order it on our website: Ordercustompaper.com

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