A Climate of Convergence: India's Road to Global Reporting Standards

Sponsored By CFO Europe Research Services

Topics:

Accounting > Accounting Standards

Compliance & Governance

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Abstract:

This study conducted by CFO Research Services for ACCA, the global body for professional accountants, polled finance executives in India as part of a survey of 792 senior executives around the world. Among other objectives, the aim was to elicit value judgments about IFRS and emerging global standards for reporting environmental, social, and other sustainability practices.

The findings paint a picture of India as in line with or even ahead of some jurisdictions on the road to global standards. While 63 percent say that global financial standards will be good for their company (lower than the 72 percent of respondents in Europe, the U.S., and the rest of Asia), only 2 percent of the India respondents do not intend to adopt IFRS (compared with 8 percent in the other regions surveyed).

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