A STUDY ON IMPACT OF IND AS ON CORPORATE GOVERNANCE
Journal Title: IJAR-Indian Journal of Applied Research - Year 2018, Vol 8, Issue 5
Abstract
Current Indian economy is result of number of reforms, resulting in a more market-oriented economy. Out of which Liberalization, Privatization and globalization can be considered as a key reform, and as a result the size of Indian corporate is becoming much bigger across the borders and accordingly the expectations of various stakeholders have also increased, which can be achieved by good Corporate Governance. In order to satisfy stake holders, Indian companies are required to make more and more intricate disclosures than have been making hitherto, for which they are also required to adhere to the uniform and proper accounting standards, as the standards reduce discretion, discrepancy and improves the utility of the disclosure. Due to growth in international capital markets and cross border mergers and acquisitions, harmonization of accounting standards became essential in order to achieve confidence of global investors. As accounting is "the language of business." And so the language of financial reporting which is key driving force for making investment decisions must be comparable. This leads to adoption and implementation of International Financial Reporting Standards (IFRS) in Indian accounting environment. As a result India made a commitment towards the convergence of Indian accounting standards with IFRS at the G20 summit in 2009. In that process the Ministry of Corporate Affairs, Government of India (MCA) previously issued a roadmap for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) beginning April 2011. However, this plan was suspended due to unresolved tax and other issues. In the presentation of the Union Budget 2014–15, the Honourable Minister for Finance, Corporate Affairs and Information and Broadcasting proposed the adoption of Ind AS. Ind AS is not intact adoption of IFRS. It is a separate accounting framework based on IFRS as created by the MCA with certain alterations according to Indian business requirements. The present study aims to identify and evaluate impact of IND AS adoption on corporate governance.
Authors and Affiliations
Ca Minouti Hersh Jani, Prof. Sonal Gogri
Keywords
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