Integrating Indian Accounting Standards into Global Financial Reporting: A Comprehensive Analysis

Abstract

The harmonization of Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRS) is a landmark change in India's financial reporting. The effort enhances transparency, facilitates comparability, and brings Indian companies in line with international financial standards. Regulatory agencies such as the Ministry of Corporate Affairs (MCA) and the Institute of Chartered Accountants of India (ICAI) have been at the forefront of driving implementation, with consultants and auditors easing the process. Ind AS adoption has enhanced corporate governance, investor trust, and risk management, though there are challenges, mainly with small and medium-sized enterprises (SMEs). The paper examines the influence of Ind AS in balancing both the advantages and disadvantages and noting the role of regulatory structures and technology adoption in facilitating compliance. The research enriches literature on financial reporting convergence worldwide and India's place in the world economy