Overview About IFRS and Ind AS
International Financial Reporting Standards (IFRS) set basic guidelines of financial reporting so that the financial statements of a company can be reliable, transparent, and are comparable across the other companies around the globe. Prior to IFRS , every country has different Generally Accepted Accounting Principles (GAAP) for the businesses to prepare financial statements in their own country. With globalization, it was becoming difficult to undertake cross border transactions, because it was difficult to understand financial statements prepared in different GAAP . To bring harmony in the accounting language, the International Accounting Standards Committee ( IASC ) started developing the International Accounting Standards ( IAS ) from the year 1973. The International Accounting Standards Board ( IASB ) took over the functions from IASC in July 2000. Since then a set of common reporting standards is referred to as IFRS . IFRS has picked up some foothold over the most rec