Record Details

DEVELOPMENT AND FUTURE TRENDS OF IFRS IN ACCOUNTING

Journal of Research in Commerce & Management

View Archive Info
 
 
Field Value
 
Title DEVELOPMENT AND FUTURE TRENDS OF IFRS IN ACCOUNTING
 
Creator Panna Lal, .; 14/2,Yusuf Palace, Mumbai 400 016
 
Subject IFRS in accounting
 
Description The objective of this research paper is to find out the development and  changes in accounting practices across the world in recent times. We witnessed the first step in developing the national accounting and auditing in line with international standards and overcoming transitional economy by enacting legal enforcement, such as Law on accounting.  Our Institute (ICAI) is awakening members, holding seminars, workshops for them. What was a trickle in 2007-08, is likely to become a flowing stream, but with a restricted speed. The revenue departments, the company law department and various industry associations, however, are still not enthusiastic supporters. The recent ‘Satyam Episode’ where the company claimed to be the first to be IFRS compliant, would also come in the way of proper studies because lot of defense mechanism will have to be used in damage control exercise. This paper also investigates whether there is a change in financial accounting system Today, it’s apparent that these laws are not efficiently compliant with not only the rapidly growing economic and social requirement, but also sustaining future development focus. Looking back into the past, it’s observed that we have gone the long way to shifting to the new accounting system and today we are facing with issue of starting the new phase of the accounting development. The new phase will comprise not only accounting, auditing, asset valuation, financial market regulation, finance, accounting of investment instruments, control issues in whole, but also issues on activity, responsibility, relationships, and legislative regulation of stakeholders.
 
Publisher Abhinav-National Monthly Refereed Journal Of Research In Commerce & Management (Online ISSN 2277-1166)
 
Contributor —
 
Date 2017-08-18
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://abhinavjournal.com/journal/index.php/ISSN-2277-1166/article/view/1408
 
Source Abhinav-National Monthly Refereed Journal Of Research In Commerce & Management (Online ISSN 2277-1166); Vol 6, No 8 (2017): Abhinav-National Monthly Refereed Journal Of Research In Commerce & Management (Online ISSN 2277-1166) UGC approved; 7-10
2277-1166
 
Language eng
 
Relation http://abhinavjournal.com/journal/index.php/ISSN-2277-1166/article/view/1408/pdf_298
 
Rights No part of any paper/article can be reproduced without the prior permission of the Dr Sunil Karve.The First Author and Principal Author warrant that he /she have full power to transfer the copyright of this material. This is a irrevocable permission by copyright transfer to Dr. Sunil Karve to reproduce and distribute the contribution including reprints, edited book, translations, photographic reproductions, microfilm, electronics for (offline, online), audio, video, mechanical, graphical, multimedia and / or any other combinations and / or similar reproductions, compendiums, collective works, databases and similar publications or anywhere as decided by editor without permission of author(s). The author(s) agree that the Research papers/case studies/Book review/Interviews is technically correct to the best of his / her /their knowledge and belief and it does not contain any false, misleading, racial, illegal, unrelated or unethical material of any kind. The work contains no libelous statements, and it does not infringe upon any copyright, trademark, patent, statutory right, proprietary right or any other legal / professional rights of others. The contents of this manuscript are original. Furthermore, it has neither been published elsewhere in any language fully or partly, nor is it under review for publication anywhere. The undersigned confirms that author(s) are fully aware of plagiarism and collusion and further confirm that they have not committed plagiarism when completing the research paper/case study/book review sent for publication & the editor or reviewers will not be held responsible for plagiarism. Also the undersigned aware that the peer reviewers/editor is expected to read the paper for scientific merit, not a background check they leave it exclusively to author/s. Here they operate under the assumption of original writings. Still they are of an opinion that if Author/s found to have plagiarised the work of another and detected after publicationthen are subject to having the paper removed/retracted if requested by original author/s with necessary proofs. The undersigned represents that he/she has the power and authority to make and execute this assignment & agrees to indemnify and hold harmless Dr. Sunil Karve from any damage or expense that may arise in the event of a breach of any of the warranties or statements set forth above. All disputes are in jurisdiction of Mumbai.I have read the information pertaining to plagiarism on website and am aware that there is further information available on internet. This paper/book review/case study is my own work, all sources have been properly acknowledged, and contains no plagiarism. This written work has not yet been published.I understand that Potential consequences of plagiarism can vary according to the severity of the misconduct. Action will be initiated by editor on Author(s) who are guilty of plagiarism after due investigation. Possible actions may include: a) Written letters of concern and reprimand. b) Article retractions. C) Information to author(s) employer or funding body