Abstract & Overview
In the present era of globalization, many MNCs are establishing their business in India in different sectors. These Indian businesses are presenting FSs as per IFRS, Indian GAAPs, etc. in earlier days, in order to avoid the problem of inconvenience the Indian accounting standards board converged Indian GAAPs with IFRS which are known as IND AS and made it mandatory for all sectors to adopt IND AS for the preparation and presentation of FSs, which helps to convey the business-related information to the users of FSs. IFRS are developed by IASB in order to maintain uniformity in preparation and presentation of financial statements across the world. In order to understand the FSs presented by the firms, there must be a need for awareness of IND AS among the users.