A Study on Awareness of Indian Professionals About Ind AS Implementation

Abstract

Indian capital market have significantly affected by implementation of Ind AS. Many European countries
shifted to IFRS as early as 2005 with adequate knowledge and prepared to handle difficulties. Now most of the high
value Indian companies and NBFSs have been complied with Ind AS asMinistry of Corporate Affairs (MCA) has made
mandatory implementation of Ind AS to all companies (parent and subsidiary) and NBFC having net-worth more than
Rs. 250 Crore (2.5 billion USD). Therefore, an understanding of Ind AS and IFRS is an urgent need of today's Indian
professionals to improve financial literacy and to deal with complex and ambiguous domestic and international
transactions. This study has focuses on investigating the adequacy of understanding awareness about Ind AS of
Indian professionals. Ten important factors of perception have been identified in order to detect the awareness level
of Indian professionals about Ind AS. The effort of the study is to aware to the Indian professionals and academics
community regarding the importance to develop quality and updated accounting knowledge to sustain in the
competitive global business environment.