Published Online:January 2025
Product Name:The IUP Journal of Accounting Research & Audit Practices
Product Type:Article
Product Code:IJARAP150125
DOI:10.71329/IUPJARAP/2025.24.1.291-307
Author Name:Prasad C V, Sivakumar A and Bindu Menon M P
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:291-307
International Financial Reporting Standards (IFRS) are not static. Continuous improvements/ modifications/deletions/additions are the most important feature of IFRS. The International Accounting Standards Board (IASB) has amended the standards as per the feedback and requests received from different stakeholders. Even though IFRS is the base of modern business and accounting, professionals and academicians are still ignorant of the recent amendments to them. This paper collects primary data using multistage cluster sampling method, and on the basis of appropriate statistical measures, nonparametric tests are applied to analyze the primary data. The p-value in the case of Mann-Whitney Test is 0.834, 0.000 in the case of Kruskal-Wallis Test, and above 0.05 in the case of Chi-Square test. IASB has already published Exposure Draft of Third Edition of IFRS for small and medium-sized entities (SMEs) accounting standard. Different stakeholders can give their views on them before March 7, 2023. The website is open to all. But it is found that there is very little awareness among both professionals and students about Exposure Draft of Third Edition of IFRS for SMEs Accounting Standard published by IASB.
International Financial Reporting Standards (IFRS) are the essential part of international trade and commerce after the Gulf War and international finance crisis of the 1990s. Across the globe, irrespective of the size of the economy, nations have either adopted or converged to IFRS to communicate with various stakeholders.