ABSTRACT
After many delays the phased implementation of International Financial Reporting Standards (IFRS) in India was scheduled to apply to accounting periods from 1 April 2019 onwards. Delays have been attributed to lack of preparedness, taxation and legislative issues raised by industry, unworkable deadlines and ambiguity. Delays have occurred despite the efforts of the professional body, ICAI, which has worked towards convergence with International Accounting Standards (IAS) and IFRS, and has played a significant role in influencing IAS/IFRS through ongoing negotiations with the International Accounting Standards Board. There is continued scope to research the role of the State and the activities of professional bodies in the challenges to achieve accounting convergence while preserving national identity.
