International Financial Reporting Standards (Its Worldwide Adopatibility)

International Financial Reporting Standards (IFRS) adopted by International Accounting Standards Board (IASB) is a standardized format of financial reporting that is gaining momentum worldwide and is a single consistent accounting framework and is likely to become predominant GAAP in times to come. In this world of globalization in which Indian economy has also flourished adopting IFRS would not only make Indian companies at par with other global companies but also going to increase India’s marketability globally in terms of foreign investments.