Research Work on Implication of IFRS on different sectors of the Economy - IMI Kolkata, 2012

(Executive Summary)

The movement for the harmonisation of accounting practices through convergence of local accounting standards with IFRS or through adoption of IFRS has lost steam. The SEC has decided to defer the decision on the method of endorsement of IFRS and in deciding the timeline for the endorsement of IFRS. Many experts believe that SEC will take the route of condorsement. Japan has deferred its decision to make IFRS mandatory for listed and other companies. China is moving towards convergence of its accounting standards with IFRS. However, significant gap exists between Chinese GAAP and IFRS. Moreover the implementation of accounting standards in China is weak.

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