This might be contrary to some of my previous posts. When I was looking at why we would should welcome IFRS into India, the following reasons came to my mind:
1. It will make Indian companies more global i.e. our financial statements will speak a language that the foreign investors will understand.
2. We will move towards more accurate financial statements (in the context of measurement)
3. We have created a frankenstein which we alone can tame. This will keep us (accounting fraternity) in the limelight for atleast next 3 years.
4. It is going to create tremendous professional opportunity - job market for chartered accountants is bound to boom!!!!!
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