An Empirical Study of Accounting Expert's Perception for Implementation of International Financial Reporting Standards in India

Abstract

The study examines the perception of accounting experts regarding the benefits and challenges of IFRS implementation in India and the relation between perception of accounting experts and their age, educational qualification, occupation and number of years of experience. The study is based on questionnaire survey of accounting experts. Data was empirically analyzed using Kruskal-Wallis Test. Data analysis suggests that accounting experts are optimistic towards the benefits associated with the implementation of IFRS though significant costs and challenges associated with the implementation of IFRS remains a cause of concern. The study further concluded that the perception of accounting experts is independent of age, education, occupation and number of years of experience of accounting experts. There is a possibility that some respondent may have bias responses owing various types of professional and peer pressures. The viewpoint of accounting experts regarding the opportunities and challenges associated with the implementation of IFRS has not been researched in India. It is necessary to research that whether the perception of accounting experts is dependent upon their individual attributes like age, education, experience and qualification to bring about the uniformity in the reporting structures. It is further necessary to understand the challenges and opportunities faced by the accounting experts in order to deal with them (opportunities & challenges) at a common forum. As the India's application date is fast approaching, it seems to be necessary to understand the perception of the buyers and sellers of accounting standards meaning thereby the accounting experts. Therefore, the study is timely and assists in providing important insights from the accounting experts.