Sanjay Agarwal’s scientific contributions

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Publications (1)


The evolution of Indian accounting standards: Its history and current status with regard to International Financial Reporting Standards
  • Article

June 2009

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3,110 Reads

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31 Citations

Advances in Accounting

Shalini E. Perumpral

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Mark Evans

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Sanjay Agarwal

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This paper addresses the adoption and applicability of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) to India. Specifically, the paper highlights some major areas where the country lacked harmonization with IAS in 1993 and the rapid congruence with IAS in the decade that followed. The attempt to achieve congruence with IAS appears to be more a by-product of the country's rapid economic growth rather than its catalyst. However, continued growth and the attraction of foreign capital to domestic ventures will depend on the transparency of the financial dealings. The Institute of the Chartered Accountants of India, (ICAI), India's standard setting body, is increasingly attempting to provide this transparency by revisions and additions to accounting standards, and by Exposure Drafts which aim to bring India more in line with International Financial Reporting Standards.

Citations (1)


... It is noteworthy that a number of studies advocate the adoption of IFRS as national standards, especially, for emerging economies (Assenso-Okofo et al., 2011;Al-Akra et al., 2009;Tyrrall et al., 2007;Chamisa, 2000). Prior works reported a number of potential benefits that economies stand to gain from IFRS adoption, including a reduction in the cost of accounting standards elaboration (Madawaki, 2012;Joshi et al., 2008), international legitimacy (Irvine, 2008;Larson and Street, 2004), access to international markets (Perumpral et al., 2009;Whittington, 2005), and a growth of foreign direct investment (Madawaki, 2012;Ritsumeikan, 2012). However, these studies have exemplified the fact that many emerging markets are not characterized by strong legal enforcement and investor protection, which may cast serious cloudiness to the benefits these countries can reap off by adopting the IFRS regime. ...

Reference:

The Role of IFRS in Financial Reporting Quality: Evidence from a Panel of MENA Countries
The evolution of Indian accounting standards: Its history and current status with regard to International Financial Reporting Standards
  • Citing Article
  • June 2009

Advances in Accounting