Vol. 2, Issue 12, Part L (2016)

Abstract
India, one of the fastest growing global economies is on the verge of converging with International Financial Reporting Standards (IFRS). As on date 123 countries across the globe have converged with IFRS, India is soon to join the bandwagon. The Ministry of Corporate Affairs (MCA) notified 35 Indian Accounting Standards converged with International Financial Reporting Standards (henceforth called Draft IND AS). The Ministry of Corporate Affairs laid out a roadmap for IFRS convergence, to be conducted in phases, for first-time adoption in India. In the first phase, it will be implemented at companies that have a net worth of over Rs.1, 000 crores from April 1, 2015. The second phase will begin from April 1, 2016 and involve both listed and unlisted companies with a net worth of over Rs.500 crores but less than Rs.1, 000 crores. Consequently, the companies will need to convert their accounts from Indian GAAP to IFRS. This paper discusses the influence of international financial reporting standards on financial statements and ratios, and Concluded that IFRS would increase the comparability between financial statements. Balance Sheet and Profit and Loss Account of various companies and to analyze some important ratios across the nation.