Title of the synopsis report

A STUDY ON
(INTERNATIONAL FINANCIAL REPORTING STANDARDS)
& IT’S APPLICATIONS
IN INDIA

OBJECTIVES:

Businesses across the world have gone global, but financial statements are still based on the GAAP of
respective countries, with the changing times there was always a need of a system like IFRS, which
can allow us to base our financial reports on a single platform GAAP. With the introduction of IFRS
in globe, opportunities will increase and the basic understanding of financial statements is going to get
better in a layman terms.

 How will IFRS impact the financial statements of businesses and what would be the
conversion efforts?
 What challenges, other than converting the financial statements, will the entity face?
 What approach or strategy should be followed in transiting IFRS?
 How to convert Indian GAAP balance sheet to IFRS on first time adoption?
 What are the key differences between IFRS and Indian GAAP?
 Challenges faced by INDIA in convergence?

PROBLEM STATEMENT

A new perspective on financial reporting which focuses on transparency of financial information

and uniformity of practice.

IFRS is gaining momentum throughout the world as a single, consistent accounting framework and is
positioned to become the predominant GAAP (Generally Accepted Accounting Principles) in the near
future.

More than 100 countries have moved to, or base their local standards on IFRS. In 2005 UK, rest of the
Europe and Australia moved to IFRS. In 2007, China moved to IFRS. Brazil and Canada are expected
to move to IFRS in 2010 and 2011 respectively. India, one of the biggest emerging markets is going
to shift to IFRS in 2011.USA.

What is IFRS?

IFRS is set of established accounting standards that is rapidly gaining worldwide acceptance.
Standards are promulgated by the London based IASB (International Accounting Standard Board),
which includes representatives from major countries, including the US.

Businesses across the world have gone global, but financial statements are still based on the GAAP of
respective countries, with the changing times there was always a need of a system like IFRS, which
can allow us to base our financial reports on a single platform GAAP. With the introduction of IFRS
in globe, opportunities will increase and the basic understanding of financial statements is going to get
better in a layman terms.

IFRS is principle based, drafted lucidly and is easy to understand and apply. However, the application
of IFRS requires an increased use of fair values for measurement of assets and liabilities. The focus of
IFRS is on getting the balance sheet right, and hence, can bring significantly volatility to the income
statement.

RESEARCH METHODOLOGY

The purpose of the study is effective implementation of IFRS and its convergence. Apart from
looking into the existing Accounting policies, the study conducted looks for the required
infrastructure and environment.

Type of Research

Exploratory research is used for the study. This study is exploring new area of the Accounting
standards which a company has to implement. This study is explaining the need for IFRS and its
implementation. The study is quantitative research in nature.

Data Collection

Data has been collected by using secondary source of data. The secondary data is collected from
internet, newspaper, magazine and literature.
DATA COLLECTION METHOD -

Primary data – Questionare method –

The data has been collected through questionare method .The questionare was designed in such a
way to cover as many aspect of cutomer behaviour is possible.many questions have been asked in it
for feedback from customers .In it both open ended questions and close ended questions have been
asked for study.

SECONDARY DATA –

Under this data is taken from the internet .All the data related to its profile mission and capital
structure is taken .even data related to this study is also taken from the book which is sent to bank’s
manager annually and also quarterly related to it’s a management , mission and many other things.

Sample size – Random sampling

Sample size - 100

Sample unit – individual

Location -

Statistical techniques used – percentage analysis –

In spite of the best efforts there are always some problems or limitations associataed with market
research that cannot be removed but can be minimized only.in this survey also there could be
certain error due to this factors.

SMALL SAMPLE SIZE

Its sample is very small as compared to total customer base that means our sample size is
comparatively small in accordance with the universe which is large enough, so deduction drawn
from the project can’t be generalised .Scope of the project is limited

NONE RESPONSE ERROR

As this research is based upon responses provided by customer, so non response and some wrong
responses may become part of error.

REFERNCES – References will be taken from google