Title: International financial reporting system in India and China: past, present and IFRS?

Authors: Sakshi Bathla; Anil K. Sharma

Addresses: Department of Management Studies, Indian Institute of Technology, Roorkee, 247667, India ' Department of Management Studies, Indian Institute of Technology, Roorkee, 247667, India

Abstract: The globalisation of both the markets and businesses has created an inevitable demand for international convergence in financial reporting which has brought sweeping changes in the accounting practices all over the world. This paper illustrates a brief episode of history of financial reporting in India and China, its current trends and progression in both the countries with exclusive focus on the implementation of international financial reporting standards (IFRS), its accrued benefits and perceived impediments to the users and preparers of financial statements in the two economies along with the probable solutions. By exploring these avenues, we aim to investigate the transformative phases of financial reporting practices in these economies and the road ahead. This study bears implications for accounting bodies and members of accounting profession in implementing IFRS-based accounting standards in the two economies.

Keywords: financial reporting; IFRS; international financial reporting standards; benefits and challenges; emerging economies; India; China.

DOI: 10.1504/IJAAPE.2020.112706

International Journal of Accounting, Auditing and Performance Evaluation, 2020 Vol.16 No.2/3, pp.130 - 148

Received: 27 Dec 2018
Accepted: 21 Dec 2019
Published online: 01 Feb 2021 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article