The IUP Journal of Accounting Research and Audit Practices:
Exploring Stakeholders’ Perception About IFRS: An Empirical Study

Article Details
Pub. Date : Jan, 2019
Product Name : The IUP Journal of Accounting Research and Audit Practices
Product Type : Article
Product Code : IJARAP21901
Author Name : Shilpa Vardia and Shiv Lal Parmar
Availability : YES
Subject/Domain : Finance
Download Format : PDF Format
No. of Pages : 16

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Abstract

This study explores the stakeholders’ perception about the impact of International Financial Reporting Standards (IFRS). Based on the stakeholders’ perception about IFRS and in consultation with academicians, practicing chartered accountants/company secretaries and students pursuing chartered accountancy/company secretary course and IFRS students, 15 key issues and 8 key challenges relating to IFRS were identified. The opinions of 22 academicians, 22 practicing chartered accountants/company secretaries and students pursuing chartered accountancy/company secretary course, and 76 IFRS students were gathered through a field survey. The survey was conducted in Udaipur, Rajasthan, using a closed-ended structured questionnaire. The collected data was empirically analyzed using mean, coefficient of variance, Z-test and ANOVA. The study also revealed that there is a significant difference between average score and neutral opinion on only one question and 22 questions have no significant difference between average score and neutral opinion regarding overall opinion of academicians, professionals and IFRS students exploring the perception on IFRS. The results would benefit the Indian IFRS community to develop better and relevant information for stakeholders.


Description

India is one of the emerging economies of the world. For economic development and to facilitate the investment climate, it is necessary to integrate its financial reporting with the rest of the economies of the globe so that investors from outside will understand the financial results and financial position of the companies. The need to communicate across the borders has increased with the increase in global trade, resulting in globalization of capital markets. Companies of one country are borrowing from the capital market of another country. Therefore, financial statements produced in one country are used in another country more and more frequently; this has raised the issue of harmonization of accounting policies, presentation, disclosure, etc.


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