Reliable, consistent and uniform financial reporting in place of presenting in different formats as per requirements of countries is one of the foremost requirements of good corporate governance practices worldwide to enhance the credibility of the businesses in the eyes of the investors to take informed investment decisions. Of late, with growing globalization and integration of capital markets, it has become mandatory for corporate sectors to adopt a common language of financial reporting, i.e. IFRS (International financial Reporting Standards). IFRS adoption is an issue of global relevance among various countries of the world owing to its fair results. India being one of the key global players, migration to IFRS will enable Indian corporate to have access to go through the cumbersome conversion and filing process. Adopting IFRS will not only make the corporate sectors of India at par with other global corporate sectors but shall also enhance India’s marketability globally in terms of foreign investments. This paper makes an attempt to find out the impact of IFRS adoption on Indian corporate. This paper also studies the implementation problems in India and offers suggestions to overcome the same.
