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Insight towards Adoption of International Financial Reporting Standards (IFRS) in India

This study aims at understanding the perception towards adoption of International, Financial Reporting Standards (IFRS) in India. For the purpose, the Hofstede dimensions on perception is reviewed. The globalization creates an increased need for communication in the terms of language, awareness of culture differences and domestic customs. Moreover, the financial communication such as accounting and financial results is just as important for business leaders and employees to master. Hence Proponents of International Financial Reporting Standards (IFRS) claim that mandating a uniform set of accounting standards improves financial statement comparability that in turn attracts greater cross-border investment. Ministry of Corporate Affairs (MCA) has decided to go for full convergence of IFRS by 2018 through IND AS. Using Hofstede dimensions along with economic growth, demographic profile of respondents, economic openness and relative capital market size the logit regressions are analyzed. Structural Equation Modelling (SEM) is applied to test the confirmation factor analysis (CFA), accordingly path diagram is drawn. The primary data was collected with well structed questionnaire from auditors, accounting professionals working in companies and academicians Drop-off survey was conducted and the targeted sample size is 400 across India. The results indicate that as India is developing country, the financial structure is more likely to adopt IFRS. The Hofstede dimensions do have a significant impact as an exploratory variable, suggesting that Indian financial system do need to be more optimistic in adopting these standards to meet the global requirements of the stakeholders.