Ppt ifrs saurav   sbs
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  • 1. About the topic
    Reason to choose this topic
    Hypothesis Statement
    Data Analysis, Findings & Testing
    Conclusion & Recommendation
    Personal Experience
    Implementation of IFRS
    1
    AGENDA
  • 2. INTERNATIONAL FINANCIAL REPORTING STANDARDS
    Implementation of IFRS
    2
  • 3. Implementation of IFRS
    3
    Phases of Implementation
  • 4. RESEARCH METHODOLOGY
    Implementation of IFRS
    4
  • 5. Implementation of IFRS
    5
    Statement of the Problem
    To identify the possibility of implementation of IFRS in India.
    Objectives of the Research
    To find out the level of awareness regarding the
    process of convergence with IFRS.
    To focus on the problems impeding the process of implementation of IFRS in India.
    To find out the state of implementation of IFRS in India.
  • 6. The International Financial Reporting Standard in India will FAIL in its first phase of implementation.
    One of the main limitations is the sample size.
    Time and cost.
    Due to lack of awareness.
    Implementation of IFRS
    6
    HYPOTHESIS STATEMENTLimitations of the study:
  • 7. Data Analysis and Finding
    Implementation of IFRS
    7
  • 8. Implementation of IFRS
    8
    1. Awareness for IFRS Implementation by 2011 in India.
  • 9. Implementation of IFRS
    9
    Awareness for IFRS Implementation by 2011 in India.
  • 10. Implementation of IFRS
    10
    2.Major problem faced for Implementation of IFRS.
  • 11. Implementation of IFRS
    11
    Major problem faced for Implementation of IFRS.
  • 12. NULL HYPOTHESIS (HO):
    At maximum 60% of the respondents are considering insufficient knowledge as a problem to implement IFRS
    ALTERNATIVE HYPOTHESIS (Ha):
    At maximum 60% of the respondents are not considering insufficient knowledge as a problem to implement IFRS
    The Z- Test is considered as test analysis.
    Ho: P ≤ 0.06
    Ha: > 0.04
    α=0.05 (Level of significance is assumed to be 5%)
    pHo=0.6 Hypothesizes value of the population are considering insufficient knowledge as a problem to implement IFRS
    qHo=0.4 Hypothesizes value of the population are not considering insufficient knowledge as a problem to implement IFRS
    Implementation of IFRS
    12
    Objective 2 To focus on the problems impeding the process of implementation of IFRS in India.
  • 13. Implementation of IFRS
    13
    From Table we can clearly see that 57% of the respondents are considering insufficient knowledge as a problem to implement IFRS
    N=60 (Number of respondents)
    = 34/60, or 0.57 sample proportion complying with considering insufficient knowledge as problem for IFRS.
    = 26/60, or 0.43 sample proportion are not complying with considering insufficient knowledge as problem for IFRS.
    This is one–right tailed sample proportion test: the critical value of z test from the table for 0.45 of the area under the curve is 1.64
    Calculations of z value
    0.5
  • 14. Implementation of IFRS
    14
    The diagram represents the bell graph for the null hypothesis
  • 15. Implementation of IFRS
    15
     3. Awareness of content of IFRS
  • 16. Implementation of IFRS
    16
    Awareness of content of IFRS.
  • 17. NULL HYPOTHESIS (HO ):
    The International Financial Reporting Standard in India will be fail in its first phase of implementation.
    ALTERNATIVE HYPOTHESIS (Ha):
    The International Financial Reporting Standards in India will be success in its first phase of implementation. The Chi-Square is considered as test analysis.
    Implementation of IFRS
    17
    Objective 3 To find out the state of implementation of International Financial Reporting Standards (IFRS) in India.
  • 18. Implementation of IFRS
    18
    Calculation of Chi-Square Value
  • 19. The value of chi-square is calculated as follows
  • 20. Implementation of IFRS
    20
    RESULT
    Chi-Square value is derived as 4.9293
    Chi-square table value at 5% level of significance with a degree of freedom of 9 are 16.92
    Since the Chi-square calculated value < Chi-square table value, the Ho is Accepted.
  • 21. The survey has given us an idea about the state of International Financial Reporting Standards (IFRS) in India.
    Majority of the respondents are aware about the convergence of IFRS and the Indian accounting standards but are not clear about the contents of IFRS.
    The major problems faced by the clients during the implementation process is due to lack of knowledge of the accounting staff, insufficient human resources in the area of accounting and increase in time and cost due to the new method of recording financial statements, in that order.
    Proper training in the field of financial accounting, individual IFRS and industry-specific IFRS is a must to make Indian accountants and financial professionals eligible enough to bring about a smooth transition.
    Respondents also stated that changes should be made in the Companies Act.
    Implementation of IFRS
    21
    Overall Conclusion
  • 22. Providing an infrastructure for uniform interpretation and application for the standards.
    Strengthening of the training infrastructure to ensure a quick dissemination of the standards.
    The investors and external stakeholders should also be properly educated about the impending change so that they can understand the financial results of the company recording transactions under the International Financial Reporting Standards.
    Proper training programs have to formulate and accounting and finance professionals should be trained so as to make the transition smoother.
    Banks like Bank of Baroda have hired consultants to train their staff about IFRS. This practice should be taken up by all other banks and firms.
    RBI and IBA should come out with specific guidelines to effect a smooth transition in the Indian banks.
    Implementation of IFRS
    22
    Recommendations
  • 23. This project has helped me to understand the importance and significance of the International Financial Reporting Standards to withstand in the global scenario as well.
    Apart from these general learning, I had the opportunity to explore the following areas
    The origin, evolution, types, and the boundaries of International Financial Reporting Standards.
    I clearly understood how to carry out a research.
    I understood various aspects of research in a more practical manner, starting from identifying a problem to eliciting the solutions to that problem
    I got the Knowledge about of statistical tools and analysis of data.
    Implementation of IFRS
    23
    Learning Experience
  • 24. THANK YOU.
    Implementation of IFRS
    24