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SYNOPSIS REPORT

TITLE
OF THE
PROJECT

IFRS(INTERNATIONAL FINANCIAL
REPORTING STANDARDS) & IT’S
CONVERGENCE IN INDIA

PROBLEM STATEMENT

A new perspective on financial reporting which focuses on transparency of


financial information and uniformity of practice.

IFRS is gaining momentum throughout the world as a single, consistent


accounting framework and is positioned to become the predominant GAAP
(Generally Accepted Accounting Principles) in the near future.

More than 100 countries have moved to, or base their local standards on IFRS.
In 2005 UK, rest of the Europe and Australia moved to IFRS. In 2007, China
moved to IFRS. Brazil and Canada are expected to move to IFRS in 2010 and
2011 respectively. India, one of the biggest emerging markets is going to shift
to IFRS in 2011.USA.

What is IFRS?

IFRS is set of established accounting standards that is rapidly gaining


worldwide acceptance. Standards are promulgated by the London based IASB
(International Accounting Standard Board), which includes representatives from
major countries, including the US.

Businesses across the world have gone global, but financial statements are still
based on the GAAP of respective countries, with the changing times there was
always a need of a system like IFRS, which can allow us to base our financial
reports on a single platform GAAP. With the introduction of IFRS in globe,
opportunities will increase and the basic understanding of financial statements is
going to get better in a layman terms.

IFRS is principle based, drafted lucidly and is easy to understand and apply.
However, the application of IFRS requires an increased use of fair values for
measurement of assets and liabilities. The focus of IFRS is on getting the
balance sheet right, and hence, can bring significantly volatility to the income
statement.

OBJECTIVES:

 How will IFRS impact the financial statements of businesses and what
would be the conversion efforts?
 What challenges, other than converting the financial statements, will the
entity face?
 What approach or strategy should be followed in transiting IFRS?
 How to convert Indian GAAP balance sheet to IFRS on first time adoption?
 What are the key differences between IFRS and Indian GAAP?
 Challenges faced by INDIA in convergence?
3 CHAPTER: RESEARCH METHODOLOGY

The purpose of the study is effective implementation of IFRS and its convergence. Apart from
looking into the existing Accounting policies, the study conducted looks for the required
infrastructure and environment.

Type of Research

Exploratory research is used for the study. This study is exploring new area of the Accounting
standards which a company has to implement. This study is explaining the need for IFRS and
its implementation. The study is quantitative research in nature.

Data Collection

Data has been collected by using secondary source of data. The secondary data is collected
from internet, newspaper, magazine and literature.

DATA COLLECTION METHOD -

PRIMARY DATA – QUESTIONARE METHOD –

THE DATA HAS BEEN COLLECTED THROUGH QUESTIONARE METHOD .THE QUESTIONARE WAS
DESIGNED IN SUCH A WAY TO COVER AS MANY ASPECT OF CUTOMER BEHAVIOUR IS
POSSIBLE.MANY QUESTIONS HAVE BEEN ASKED IN IT FOR FEEDBACK FROM CUSTOMERS .IN IT BOTH
OPEN ENDED QUESTIONS AND CLOSE ENDED QUESTIONS HAVE BEEN ASKED FOR STUDY.

SECONDARY DATA –

UNDER THIS DATA IS TAKEN FROM THE IINTERNET .ALL THE DATA RELATED TO ITS PROFILE MISSION
AND CAPITAL STRUCTURE IS TAKEN .EVEN DATA RELATED TO THIS STUDY IS ALSO TAKEN FROM THE
BOOK WHICH IS SENT TO BANK’S MANAGER ANNUALLY AND ALSO QUERTERLY RELATED TO ITS
AMANGEMENT ,MISSION AND Many OTHER THINGS.

SAMPLE SIZE – RANDOM SAMPLING

SAMPLE SIZE - 100

SAMPLE UNIT – INDIVIDUAL

LOCATION -

STATISTICAL TECHNIQUES USED – PERCENTAGE ANALYSIS –


IN SPITE OF THE BEST EFFORTS THERE ARE ALWAYS SOME PROBLEMS OR LIMITATIONS
ASSOCIATAED WITH MARKET RESEARCH THAT CANNOT BE REMOVED BUT CAN BI MINIMIZED
ONLY.IN THIS SURVEY ALSO THERE COULD BE CERTAIN ERROR DUE TO THIS FACTORS.

SMALL SAMPLE SIZE

ITS SAMPLE IS VERY SMALL AS COMPARED TO TOTAL CUSTOMER BASE THAT MEANS OUR SAMPLE
SIZE IS COMPARATIVELY SMALL IN ACCORDANCE WITH THE UNIVERSE WHICH IS LARGE ENOUGH ,SO
DEDUCTION DRAWN FROM THE PROJECT CANT BE GENERALISED .SCOPE OF THE PROJECT IS LIMITED

NONE RESPONSE ERROR

AS THIS RESEARCH IS BASED UPON RESPONSES PROVIDED BY CUSTOMER ,SO NON RESPONSE AND
SOME WRONG RESPONSES MAY BECOME PART OF ERROR.