National Seminar on “IND-AS : A Road Map for IFRS in India”

VVPGC March 18 & 19, 2016

AN ANALYSIS AND COMPARISON BETWEEN IFRS AND IND AS OF THE FIRM

Naresh K V
M. Com, Final year,
Department of Studies in Commerce,
Manasagangotri, Mysuru.
Nareshkv024@gmail.com
9742368192

Vishlesh K H,
M. Com, Final year,
Department of Studies in Commerce,
Manasagangotri, Mysuru.
vishleshkh46@gmail.com
8147535781

Abstract:

Now, it is common for All companies are wanting to be international orientation during
the last decades. India is an important emerging global economy, the Government of India has
committed to convergence of Indian Accounting Standards with IFRS from April 1, 2011 IFRS
(International financial reporting standard) become a global language in terms of Accounting.
IFRS became a burning issues to adopt or reject. In this paper presentation, there is a detail
discussed about IFRS, comparison of standard Indian accounting standard and IFRS, problems,
challenges IFRS adoption in India, Comparisons of financial statement (Wipro) and so on. The
Research Methodology is based on secondary information and broad view of thinking in ahead
of future Accounting. My main focus is to throw the light of pro and cons of IFRS and Indian
accounting standard. Further the paper advises some Recommendations and Measures for IFRS
implementation in India.

Key words: IFRS, Indian Accounting Standard, Financial statements, global economy

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 National Seminar on “IND-AS : A Road Map for IFRS in India”
VVPGC March 18 & 19, 2016

INTRODUCTION

International Financial Reporting Standards (IFRS), formerly known as International

Accounting Standards (IAS) are the Standards, Interpretations and Framework for the
Preparation and Presentation of Financial statements adopted by the International Accounting
Standards Board (IASB). IAS was issued between 1973 and 2001 by the board of the
International Accounting Standards Committee (IASC). On April 1, 2001 the new IASB took over
the responsibility of setting International Accounting Standards from IASC. It has since then
continued to develop standards called as the new standards IFRS. It is a set of international
accounting and reporting standards that will help to harmonize company financial information,
improve the transparency of accounting, and ensure that investors receive more accurate and
consistent reports. Hence the global use of IFRS can be able to boost the confidence of
investors throughout the world.

IFRS are the accounting rules of the International Accounting Standard Board (IASB), an
independent accounting standard setting body based in London. It consists of 15 members from
nine countries, including China, Japan, Australia, France, Canada, Mexico, Netherlands, Ireland
and United Kingdom. In 2002, a year after their establishment the IASB got united with the
Financial Accounting Standards Board (FASB) to combine their knowledge and develop a set of
high quality accounting standards that would be compatible with all countries in order to
successfully carry out international business affairs and their accounting. This set of global
accounting standard is referred to as the International Financial Reporting Standards (IFRS).

RESEARCH METHODOLOGY

In this paper presentation, I had collected the data based on secondary sources (Annual
report only). It's also been conducted mainly on the basis of the broad view of Accounting.

OBJECTIVE OF STUDY

The objectives of this paper presentation can be listed below:

 To understand the concept of IFRS and Indian Accounting Standard.

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VVPGC March 18 & 19, 2016

 To throw the light on untouched accounting standard in IFRS.

 To have a clarity of IFRS adoption in India.
 To overview of the pros and cons.

LITERATURE REVIEW

The adoption of IAS/IFRS required by European Regulation 1606/2002 for all listed
companies in the European Union represented an extraordinary event for empirical research, as
it became possible to investigate the effects of financial reporting under IAS/IFRS with specific
regard to the mandatory adoption at a European level.

A certain number of value-relevance studies have investigated the effects of mandatory

adopting IAS/ IFRS by focusing on different European countries contemporarily. Aubert and
Grudnitski (2011), for instance, examine 13 countries in the European Union and 20 industries
at the same time, but fail to document a statistically significant increase in the value-relevance
of accounting information after IFRS adoption. Devalle et al. (2010) focus on companies listed
on five European stock exchanges – Frankfurt, Madrid, Paris, London, and Milan – and find
mixed evidence: the value-relevance of earnings on share price increased following the
introduction of IFRS in Germany, France, and the United Kingdom, while the value-relevance of
book value decreased, except for the United Kingdom. Agostino et al. (2011), instead, report
positive effects of IAS/IFRS adoption on the value-relevance of accounting data for a sample of
European banks.

In contrast, some research has provided evidence of the beneficial effects of adopting
IAS/IFRS. Horton and Serafeim (2010), Iatridis and Rouvolis (2010), Karampinis and Hevas
(2011) Barth and Clinch (2009), Bartov et al. (2005), Ashbaugh and Olsson (2002), Ohlson model
(1995), Daske et al. (2013), Burgstahler et al. (2006), CAI et al. (2008), La Porta et al. (1998,
2000, 2002, 2006), Francis and Wang (2008) as well as Ball et al. (2003) also suggest that
adopting high quality standards might be a necessary condition for having high quality
information, without being a sufficient one. Ding et al. (2007) document that simply adopting
IAS/IFRS may not necessarily improve national accounting systems unless countries implement
profound changes in economic development policy, corporate governance mechanisms, and
financial market functioning in general.

INDIAN ACCOUNTING STANDARD-IAS

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 National Seminar on “IND-AS : A Road Map for IFRS in India”
VVPGC March 18 & 19, 2016

Indian Accounting Standards (abbreviated as India AS) in India accounting standards were
issued under the supervision and control of the Accounting Standards Board (ASB), which was
constituted in the year 1977. ASB is a committee under the Institute of Chartered Accountants
of India (ICAI). The following are the list of Accounting Standards (AS), as listed on the website
of The INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (ICAI). However, Accounting
Standard- 30, 31, 32 are not mandatory as of now

CONSOLIDATED TABLE OF ACCOUNTING STANDARDS

AS 1 : Disclosure of Accounting Policies

AS 2 : Valuation of Inventories (Revised)
AS 3 : Cash Flow Statements
AS 4 : Contingencies and events occurring after the Balance date
AS 5 : Net Profit/Loss for the period prior period items & changes in Accounting Policies
AS 6 : Depreciation Accounting
AS 7 : Accounting for Construction Contracts
AS 8 : Accounting for Research & Development
AS 9 : Revenue Recognition
AS 10 : Accounting for Fixed Assets
AS 11 : Accounting for effects of changes in Foreign Exchange Rates
AS 12 : Accounting for Government Grants
AS 13 : Accounting for Investments
AS 14 : Accounting for Amalgamations
AS 15 : Accounting for Retirement Benefits in the Financial Statement of Employers
AS 16 : Borrowing Costs
AS 17 : Segment Reporting
AS 18 : Related Party Disclosures
AS 19 : Leases
AS 20 : Earnings Per Share
AS 21 : Consolidated Financial Statements
AS 22 : Accounting for Taxes on Income
AS 23 : Accounting for Investments in Associates in Consolidated Financial Statements
AS 24 : Discounting operations
AS 25 : Interim Financial Reporting
AS 26 : Intangible Assets
AS 27 : Financial Reporting of Interests in Joint Ventures

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VVPGC March 18 & 19, 2016

AS 28 : Impairment of Assets
AS 29 : Provisions, Contingent Liabilities and Contingent Assets
AS 30 : Financial Instruments: Recognition and measurement & Limited revisions to other
accounting standards
AS 31 : Financial Instruments: Presentation
AS 32 : Financial Instruments: Disclosures and limited revisions to AS 19

INTERNATIONAL FINANCIAL ACCOUNTING STANDARD-IFRS

IFRS are accounting rules (standards) issued by the International Accounting Standard
Board (IASB), an independent organization based in London, UK. Before the inception of IASB,
international standards were issued by the IASB’s predecessor organization, the IASC, a body
established in 1973 through an agreement made by professional accountancy bodies from
Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and
Ireland, and the United States of America. Up to 2000, the IASC’s rules were described as
“International Accounting Standards” (IAS). In fact, in 1997 after nearly 25 years of
achievement, IASC recognized that to continue to perform its role effectively, it must find a way
to bring about convergence between national accounting standards and practices and high
quality global accounting standards.

In late 1997 IASC formed a Strategy Working Party that published a discussion paper in
December 1998 and final recommendations in November 1999. The IASC Board approved the
proposals in December 1999, and the IASC member bodies did the same in May 2000. The new
standards-setting body was named as International Accounting Standards Board (IASB) and
since April 2001, it has been performing the rule-making function. Components of IASB
structure contain-IASB, IASC Foundation, International Financial Reporting Interpretations
Committee (IFRIC), previously Standing Interpretations Committee, SIC under IASC), Standards
Advisory Council (SAC) and Working Groups. The IASB is better funded, better-staffed and more
independent than its predecessor. The IASB describes its rules under the new label
“International Financial Reporting Standards (IFRS), though it continues to recognize the prior
rules (IAS) issued by the old standard-setter (IASC).

IFRS ADOPTION IN INDIA

In India, Accounting standards are formulated by a council of the Institute of Chartered

Accounts of India (ICAI). In July 2007, the Council of the Institute of Chartered Accountants of
India set a target of adopting International Financial Reporting Standards (IFRS) for all listed,
public interest and large-sized entities for accounting periods beginning on or after 1 April

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 National Seminar on “IND-AS : A Road Map for IFRS in India”
VVPGC March 18 & 19, 2016

2011. In 2007, India has decided to converge with IFRS in 2007.ICAI started the process of
developing a complete set of accounting standard that are “converged with” IFRS- which will be
known as Indian AS. There is a difference between adoption and convergence to IFRS. Adoption
means using IFRS as issued by IASB. Convergence means that the Indian Accounting standard
board and IASB would continue working together to develop high quality, compatible
accounting standard over time. With an objective to ensure a smooth transition to IFRS from 1
April, 2011, ICAI is taking up the matter of convergence with IFRS with National Advisory
Committee on Accounting Standards (NACAS) established by the Ministry of Corporate Affairs,
Government of India and other regulators, including the Reserve Bank of India (RBI), Insurance
Regulatory and Development Authority (IRDA) and the Securities and Exchange Board of India
(SEBI).

COMPARISON WITH CURRENT INDIAN ACCOUNTING STANDARD WITH THE CORRESPONDING

NUMBER OF RELEVANT IAS/IFRS

Indian Accounting Standard IAS/IFRS

AS Name of Standard IAS/ Name of Standard
No. IFRS
No.
1 Disclosures of Accounting Policies 1 Presentation of financial statements
2 Valuation of Inventories 2 Inventories
3 Cash Flow Statements 7 Statements of Cash Flows
4 Contingencies and Events Occurring 10 Events after the Reporting Period
after the Balance Sheet Date
5 Net Profit or Loss for the Period, 8 Accounting Policies, Changes in
Prior Period Items and Changes in Accounting Estimates and Errors
Accounting Policies
6 Depreciation No equivalent standard. Included in
IAS 16
7 Constructions Contracts 11 Constructions Contracts
9 Revenue Recognition 18 Revenue
10 Accounting for Fixed Assets 16 Property, Plant and Equipment
11 The Effects of Changes in Foreign 21 The Effects of Changes in Foreign
Exchanges Rates Exchanges Rates
12 Accounting for Government Grants 20 Accounting for Government Grants
and Disclosure of Government
Assistance

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VVPGC March 18 & 19, 2016

13 Accounting for Investments Mainly dealt with in IAS 39

14 Accounting for Amalgamations IFRS 3 Business Combinations
15 Employee Benefits 19 Employee Benefits
16 Borrowing Costs 23 Borrowings Costs
17 Segment Reporting IFRS 8 Operating Segments
18 Related Party Disclosures 24 Related Party Disclosures
19 Leases 17 Leases
20 Earnings Per Share 33 Earnings Per Share
21 Consolidated Financial Statements 27 Consolidated and Separate Financial
Statements
22 Accounting for Taxes for Income 12 Income Taxes
23 Accounting for Investment in 28 Investments in Associates
Associates in Consolidated Financial
Statements
24 Discontinuing Operations IFRS 5 Noncurrent Assets Held for Sale and
Discontinued Operations
25 Interim Financial Reporting 34 Interim Financial Reporting
26 Intangible Assets 38 Intangible Assets
27 Financial Reporting of Interest in 31 Interest in Joint Ventures
Joint Ventures
28 Impairment of Assets 36 Impairment of Assets
29 Provisions, Contingent Liabilities and 37 Provisions, Contingent Liabilities and
Contingent Assets Contingent Assets
30 Financial Instruments: Recognition 32 Financial Instruments: Recognition
and Measurement and Measurement
31 Financial Instruments: Presentation 39 Financial Instruments: Presentation
32 Financial Instruments: Disclosures IFRS 7 Financial Instruments: Disclosures

However, currently there are no corresponding Standards available under Indian GAAP for the
following IAS/IFRS:

IAS 26- Accounting and Reporting by retirement Benefit Plans

IAS 29- Financial Reporting in Hyperinflationary Economies
IAS 40-Investment Property
IAS 41- Agriculture
IFRS 1- First Time Adoption of International Financial Reporting Standards

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VVPGC March 18 & 19, 2016

IFRS 2- Share Based Payment

IFRS 4- Insurance Contracts
IFRS 6- Exploration for and Evaluation of Mineral Resources
Particular IAS IFRS % in difference
SHARE HOLDERS
Share Capital 4,915 4917 0.04%
Reserve and surplus 2,65,258 2,86,163 60.3%
2,70,173 2,86,163 5.92%

NON-CURRENT LIABILITIES

COMPARATIVE CONSOLIDATED BALANCE SHEET OF WIPRO UNDER GAAP AND IFRS:

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VVPGC March 18 & 19, 2016

LCoUnRgRtEeNrm T AbSoSrEroTw S ing 22,510 22,817 1.36%

Derfreern
Cu retdintvaexsltim
abeilnitties 24715,483 34513,961 218.1.356%%
Otvheenrto
In lorniegsterm liabilities 71708,662 81902,6262 100.0406%.79%
LTorandgeterermceipvraobvliesion 38,01,03787 6810,328 -908.0.074%%
Cash and bank balance 77,666 77,666 0.07%
C
ShUoRrRt EteNrTmLIlo
AaBnILsITaInEdS advance 23,263 37,128 59.60%
SOhto
hretr tceurrm
rebnotrarsosw
etinsg 35,58606 3265,7483 2-2.73.6%2%
Trade payables 427,6,793,0627 427,7,235,4888 -11.6.060%%
O
TOthTeArLcA urr
SSeEnTtSliabilities 243,3,320,5581 342,3,865,0801 100.7.999%%`
Short term provision 28,368 1,121 -96.05%
1,34,889 1,17,685 -12.75%
TOTAL EQUITY AND LIABILITIES 4,32,581 4,36,001 0.79%

Amt. In Rs. Million except share and per share for the year ended 31st march 2012

BENEFICIARIES OF CONVERGENCE WITH IFRS

There are many beneficiaries of convergence with IFRS such as the economy, investors and
industries.

The Economy
The convergence benefits the economy by increasing the growth of its international
business. It facilitates maintenance of orderly and efficient capital markets and also helps to

NON-CURRENT ASSET
Good Will 67,961 67,937 -0.04%
Fixed assets
Tangible asset 54,627 58,988 7.98%
Intangible asset 1,767 4,229 139.33%
Capital work in progress 3,466 3,462 -0.12%
Noncurrent investment 3,232 3,232 0.00%
Deferred tax assets 440 2,597 490.23%
Long term loans and advance 22,893 10,287 -55.06%
Other non-current assets 9,168 11,781 28.50%
1,63,554 1,62,2513 -0.64%

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increase the capital formation and thereby economic growth. It encourages international
investing and thereby leads to more capital flows into the country because the people all over
the globe will be able to understand the financial statements based on the international
standards of a very high quality financial reporting.

The Investors
The Investors want the information that is more relevant, reliable, timely and
comparable across the jurisdictions. For better understanding of financial statements, global
investors have to incur more cost in terms of the time and efforts to convert the financial
statements so that they can confidently compare opportunities. Investors’ confidence would be
strong if accounting standards used are globally accepted. Convergence with IFRS contributes
to investors understanding and confidence in high quality financial statements.

The Industry
The industry would be able to raise capital from foreign markets at lower cost if it can
create confidence in the minds of foreign investors that their financial statements comply with
globally accepted accounting standards. With the diversity in accounting standards from
country to country, enterprises which operate in different countries face a multitude of
accounting requirements prevailing in the countries. The burden of financial reporting is
lessened with the convergence of accounting standards because it simplifies the process of
preparing the individual and group financial statements and thereby reduces the costs of
preparing the financial statements using different sets of accounting standards.

PROBLEMS AND CHALLENGES

IFRS is a set of international accounting and reporting standards which will help to
harmonize company financial information, improve the transparency of accounting, and ensure
that investors receive more accurate and consistent reports. Despite several benefits as may be
looked out by the different people, there will be several challenges that will be faced on the
way of IFRS convergence.

Variations in GAAP and IFRS

The differences between GAAP and IFRS are wide and very deep rooted. Bringing
awareness about IFRS and its impact among the people who prepares financial statements is a
challenging task.

Issue of GAAP Reconciliation

The Securities Exchange Commission (SEC) laid out with two options in its proposal-
firstly calling for the traditional IFRS first time adoption process, secondly requiring that step

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VVPGC March 18 & 19, 2016

plus an on-going unaudited reconciliation of the financial statements from IFRS to US GAAP.
Clearly the second one is a costlier approach for firms and its users.

Training and Development

Lack of training and education courses about the implementation IFRS and its use has
raised a challenge in India. So, it is an essential need to provide training and education on the
operations of IFRS.

Legal and Regulatory

Presently, the financial reporting requirements are authorized by various regulatory

authorities in India and their provisions override other laws and regulators. IFRS does not
recognize such overriding laws. So, such laws and regulations in India will create challenges to
IFRS and its application.

Taxation
The convergence of IFRS in India will not only affect the Financial Statements but also
the tax liabilities would also get changed. Present scenario, Indian Tax laws does not recognize
the Accounting Standards. To entertain an immediate change in the Indian Tax Law is the major
challenge faced by the Indian Law makers.

Fair Value Measurement

IFRS uses fair value to measure the majority of transaction in financial statements. The
use of fair value accounting can lead a lot of instability and prejudice to the financial
statements. The professionals have to work hard to arrive at the fair value and valuation
experts have to be used.

Re-Negotiation of Contract

The contracts would have to be re-negotiated which is also a big challenge. This is
because the financial results under IFRS are likely to be very different from those under the
Indian GAAP.

Reporting systems

The corporate houses have to endure to make necessary amendments to suit the
reporting requirements of IFRS. The information system should be designed to undertake new
requirements with regards to fixed assets, segment disclosures, related party transactions, etc.

Utility in India in adopting of IFRS

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VVPGC March 18 & 19, 2016

Economies across the globe have benefitted by adopting IFRS for financial reporting
purposes. The past studies and researches have suggested several advantages of adopting IFRS.
The implementation of IFRS leads to a better financial information for all stakeholders. Its Focus
on comparability, Improved transparency of results, Increased ability to secure cross-border
listing, Better Management of global operations and reduced cost of capital. This study will try
to connect some of these and few other benefits with respect to the firms in India and also
India as a country.

Better Access to Global Capital Markets

During the last decade, India has emerged as a strong economy on the global economic
map. India market became hot favorites in Private companies. These firms are not only
establishing plants in other countries, but also acquiring other entities across the world. To grab
the opportunity, the firm requires funds at cheaper cost which is available in American,
European and Japanese Capital Markets. The companies also borrow the funds from different
sources from financial institutions such as the IMF, World Bank, BRICK bank, New Development
bank and the list goes on. To meet the regulatory requirements of these markets, Indian
Companies should report their financial reports according to IFRS guidelines. Hence, the
adoption and implementation of IFRS will help Indian firms in accessing global markets for the
requirement of funds and also makes available funds at cheaper cost.

Easier Global Comparability

Across the globe, Firms are using IFRS to report their financial results. The adoption of
IFRS by Indian business firms, the comparison of two entities becomes easier. Investors,
Bankers and Lenders also find it easy to compare the two financial statements following same
reporting procedure. Indian firms have to provide financial results to interested parties while
raising funds from untapped capital markets.

Easy Global Market Listing

As mentioned earlier availability of fund is essential for the expansion plans of the
Indian firms which are not limited to economic and political boundaries of India. Indian firms
are taking over firms across the globe. By raising the funds from European and American
Markets, these firms are also getting listed in both European and American Capital Markets.
One of the important requirements for the getting listed on European Markets is the
preparation of accounts according to IFRS. The Indian corporate companies which have raised
funds from the European markets have already started preparing their Accounts and Financial
Statement according to IFRS regulations.

Better Quality of Financial Reporting

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VVPGC March 18 & 19, 2016

Application of IFRS is ensuring better quality of financial reporting due to the regular
application of Accounting Principles and improves the reliability of financial statements. IFRS
follows a concept of fair value which can help Indian firms to reflect their true worth of Assets
in the financial statements. Since a single body (IASB, London) is preparing IFRS, these are very
consistent, reliable and easy to adopt ensuring better quality of financial reporting.

Elimination of Multiple Reporting

Large Business Houses in India like TATA, INFOSYS, BIRLA, and AMBANI have firms
registered in India and also firms registered outside India in European, London, japan, china,
American capital markets. Firms registered in India prepare their Accounts as per Indian
Accounting Standards, whereas firms registered in other countries prepare their financial
statements as per the Reporting standards of the respective country. Adoption of IFRS ensures
the elimination of multiple financial reporting standards by these firms as they are following a
single set of Financial Reporting. The Researches have yet to be carried out to understand
actual pro and Coins of adoption of IFRS. This can be a future scope of study on the impact of
adoption of IFRS by corporate houses.

RECOMMENDATIONS AND MEASURE FOR IMPLEMENTATION IN INDIA

 To provide instance, guidance on accounting issues and problems, the ICAI has issued
guidance notes.

 To facilitate discussions at seminars, workshops, etc., ICAI has issued background

material on newly established accounting standards.

 To help its members, the ICAI council has formed an expert advisory committee to
respond the queries from its members.

 Proper education and training of employees and students about IFRS.

 To adopt into the application software or open source software.

 The government of our country needs to format a separate committee for IFRS process
and feedback purpose.

 IFRS should be added in COLLEGE SYSTEM as a college syllabus so that the management
student could be a good IFRS expert in future.

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 Extensive survey and research need to carry out before implementation of IFRS system.

 Identifying changes required in the existing financial reporting system to confirm with
IFRS requirements.

 Identifying of effects on the existing contracts and agreements before implementing

IFRS.

CONCLUSION

As India is striving ahead on the path of financial and economic progress, Indian
corporates need to unify and compete with global peers. The financial reporting thus has to be
competitive and based on global accounting standards. Indian accounting standards as many
loopholes in our accounting standard such as No accounting standards for Agriculture, share
based payment, Exploration for and Evaluation of Mineral Resources, Accounting and Reporting
by retirement Benefit Plans Investment Property. All these items are not matched to Indian
accounting standards or if it's matched, but not treated as separate standard. They need to
focus on that and try to overcome in near future years. As I came to know that in the recent
budget, there was proposed that in Government of India will go to inject the international
concept of IFRS. I hope this could be a key to driving the economy. The major loophole has
caught hold of currency volatility in the market. I hope, these barriers will be a disappear in the
near future.

REFERENCE

Kishore Kumar Shah (2014) IFRS AND INDIA: OPPORTUNITIES AND CHALLENGES

Vera Palea IAS/IFRS AND FINANCIAL REPORTING QUALITY: LESSONS FROM THE EUROPEAN
EXPERIENCE
http://ifrs.icai.org/

www.icai.org

http://www.indianmba.com/Articles_on_Management/AOM49/aom49.html

http://www.wipro.com/microsite/annualreport/2012/financial-statements-ifrs-balance-
sheet.html

http://lexicon.ft.com/Term?term=International-Financial-Reporting-Standards--IFRS

http://taxguru.in/finance/history-of-accounting-and-accounting-
standards.html#sthash.x1aSKDF8.dpuf

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www.mca.org.in

www.iosco.org

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