Adaptation to Integration A Review on the Indian Accounting Standards (Ind AS) in Global Financial Reporting Convergence
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Abstract
The globalization of financial markets has necessitated the convergence of financial reporting practices to ensure consistency, transparency, and comparability across nations. India, in its pursuit of aligning with global standards, adopted the Indian Accounting Standards (Ind AS), a framework based on the International Financial Reporting Standards (IFRS). This paper reviews the journey of Ind AS adoption, its challenges, and its impact on Indian corporates and stakeholders. It explores the transformation in financial reporting practices and how these standards have enhanced transparency, reduced information asymmetry, and improved global investor confidence. Moreover, the paper discusses the practical challenges faced during the implementation process, such as regulatory adaptations, training, and technological support. This review aims to provide insights into the integration process, offering a comprehensive understanding of the role of Ind AS in India's global financial reporting convergence.