Professional Documents
Culture Documents
INTRODUCTION
METHODOLOGY
Quantitative research method is adopted. The data for the study
collected from both primary sources as well as secondary source:
PRIMARY DATA:
Primary data has collected through questionnaire by consulting 25
accountants and bankers of different nationalized banks around
Mandya district.
SECONDARY DATA:
Secondary data has collected from various books, articles,
journals, dailies, and official websites.
The Primary and secondary data are analyzed using simple
arithmetical techniques such as percentage, tables, graphs that
are extensively used for analyzing and interpretation of the data
collected.
TITLE
ORIGINALLY ISSUED
EFFECTIVE
IFRS 1
First-time Adoption of
International Financial
Reporting Standards
2003
January 1, 2004
IFRS 2
Share-based Payment
2004
January 1, 2005
IFRS 3
Business Combinations
2004
April 1,
IFRS 4
Insurance Contracts
2004
January 1, 2005
IFRS 5
2004
January 1, 2005
IFRS 6
2004
January 1, 2006
2004
IFRS 7
Financial Instruments:
Disclosures
2005
January 1, 2007
IFRS 8
Operating Segments
2006
January 1, 2009
IFRS 9
Financial Instruments
2009
January 1, 2015
IFRS 10
Consolidated Financial
Statements
2011
January 1, 2013
IFRS 11
Joint Arrangements
2011
January 1, 2013
IFRS 12
2011
January 1, 2013
IFRS 13
2011
January 1, 2013
IFRS 14
2014
January 1, 2016
Wide Gap:
IFRS is very much different from the present accounting policies
being followed. There are big differences expected in accounting
for financial instruments, business combinations and employee
benefits.
Inadequate Trained People on IFRS:
A large group of trained and skilled accountants and bankers are
required to Indian banks for the effective implementation of IFRS.
Fair Value Measurement of Items in the Financial
Statements:
IFRS uses fair value as a base to measure a majority of items in
the financial statements which yields a true value of a business.
But the Indian banks are preparing financial statements on
historical cost basis, and there are difficulties are there in shifting
from historical cost based of accounting to the fair value based
accounting system.
OPTION
NO. OF RESPONDANTS
PERCENTAGE (%)
Yes
25
100
No.
00
000
Total.
25
100
Source: primary data.
INFERENCE: From
INFERENCE: From the above table and graph we can observes that, out of
25 respondents, 07 (28%) of the respondents has an excellent availability of
training and knowledge on the latest developments an accounting by their
banks, while 12 (48%) respondents has Good, 04 (16%) has Satisfactory, and
02 (08%) respondents has poor availability of that training and knowledge in
their organizations.
3.
THE AWARENESS OF INTERNATIONAL FINANCIAL
REPORTING STANDARDS (IFRS) AMONG THE RESPONDENTS:
INFERENCE: From the above table and graph we can come to know the fact
that, out of 25 respondents, only 08 (32%) of them are aware of IFRS and 17
(68%) of the respondents are unknown of IFRS.
NO. OF
PERCENTAGE (%)
RESPONDANTS
Yes
15
60
No.
10
40
Total.
25
100
INFERENCE: From the above table and graph we can conclude that out of 25 respondents,
15(60%) of the respondents are ready to migrate from existing accounting system to global
accounting standards (IFRS), and 10 (40%) of them are not ready for the migration.
5.
RESPONDENTS OPINION ABOUT THE MAJOR
BENEFIT
OF
IFRS
ADOPTION
IN
INDIA:
OPTION
NO. OF RESPONDENTS
PERCENTAGE (%)
03
12
04
16
00
00
05
20
10
40
Increased transparency.
03
12
Total
25
100
companies.
Reduced burden of multiple
reporting.
NO. OF RESPONDENTS
PERCENTAGE (%)
03
12
02
08
Accounting policies.
03
12
07
28
Tax implications
04
16
06
24
Total.
25
100
12
48
Guidance and
assistance of higher
authority.
05
20
Keep investors
informed.
00
00
07
28
Total.
25
100
SUGGESTIONS
CONCLUSION