Monday, June 16, 2008

'Adoption of IFRS will have an impact on the profitability and net worth of most companies.'

Accounting convergence to help desi companies raise funds abroad

We are living in a world where watertight compartments are increasingly becoming extinct. Companies are acquiring overseas, selling local and, hence, are aptly called ‘glocal’. However, money spent or earned is accounted in different ways.
Not only is this a cumbersome exercise, but it may lead to problems that could be avoided otherwise if we had convergence. Convergence, as we know, leads to a common view or opinion.

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