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.
Key words: IFRS, Ind AS, Financial Perception and preparedness, ICAI
|
