Yes, IFRS is accepted in India, with the Securities and Exchange Board of India (SEBI) having initially introduced the option for voluntary adoption in 2010, marking the beginning of the transition. Since then, the Indian accounting framework has been aligned with IFRS through the adoption of Indian Accounting Standards (Ind AS), which are largely based on IFRS. This alignment aims to standardize financial reporting practices to meet global standards, enhancing transparency and comparability for investors and stakeholders. Companies listed on Indian stock exchanges and certain other entities are mandated to comply with Ind AS, ensuring that their financial statements adhere to international accounting principles.
Is IFRS accepted in India?
