A Study on Opportunities and Challenges to the Corporate Sectors in India for the Implementation of IFRS (Ind-As)

International Financial Reporting Standards (IFRS) is a common accounting language developed by the International Accounting Standards Board (IASB) to provide a common language for business transactions and financial reporting. The use of IFRS is aimed at improving the comparability, transparency, and understandability of financial information across the world (IASB, 2021). The goal of IFRS is to create accountability for all stakeholders of a company and serve society with reliable financial statements (Deloitte, 2021). The IFRS standards help in providing a level playing field for companies operating in different countries and enable easy comparison of financial information (Financial Times, 2021). The adoption of IFRS by organizations worldwide has been instrumental in improving the quality and consistency of financial reporting (KPMG, 2021).The main objective of this study is to analyze the opportunities and challenges posed by the implementation of Ind-AS in India. The study aims to provide a comprehensive understanding of the impact of Ind-AS on the Indian corporate sector by exploring the various opportunities and challenges associated with its implementation. The study has provided some valuable insights into the preparedness of companies to comply with Ind-AS and the support provided by the regulatory authorities.The researcher has used the quota sampling method by collecting response from junior level, middle level, and senior level management of selected companies. A sample size of 141 companies was chosen for the existing study.The opinion on opportunities to corporate sectors in implementing IFRS and challenges faced by corporate sectors in implementing IFRS is analyzed using a frequency table. One sample t-test is applied to find whether companies have more opportunities and face challenges after implementing IFRS