The collective impact of IFRS, GST and DTC on the Indian Economy

Jun 21st, 2015
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Introduction: With the quest to form a strong economy and create a mark on the Global market, economies all around the world have entered new markets and sell their services and products to achieve higher Growth rate. This has led to a new era of Globalization, which resulted in increased foreign trades, growing multi-nationals and globalised investments.

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IFRSIntroduction:With the quest to form a strong economy and create a mark on the Global market, economies all around the world have entered new markets and sell their services and products to achieve higher Growth rate. This has led to a new era of Globalization, which resulted in increased foreign trades, growing multi-nationals and globalised investments.As Globalization has paved the way for foreign investments, it is of utmost importance to have transparency as well as lucidity in the financial information. For this, a common internationally recognized pattern along with globally accepted standards vis--vis the information must be adopted. Thus, the IASB (International Accounting Standards Board) have adopted IFRS (International Financial Reporting Standards), which are principle-based standards with a Global financial reporting framework. It had been formulated by the IASB after it took over from the IASC (International Accounting Standards Committee), the onus of setting new standards and revise the existing ones.Such a reporting system helps the economies in following ways:1) Provides helpful comparison in different institutions across different borders,2) Renders the data precise and understandable to attract investments,3) Helps achieve economic growth,4) Improves networking between the institutions of different countries.Influence on Indian Economy: Although the implementation of the IFRS is expected to bring about radical reforms by maintain

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