Impact of IFRS on Infosys, the Indian IT Bellwether-Case for FY 2016
10 Pages Posted: 27 Apr 2022
Date Written: March 28, 2022
IFRS are the new global accounting standards and has made its way into India. As the country accept these standards, investors are curious whether change of accounting standards from Indian GAAP to IFRS will result in significant changes in Financial statement(Income Statement and Balance sheet) numbers. This paper makes an attempt to study the same for the Indian IT Bellwhether, Infosys Ltd., as a Case .The financial statements of Infosys with IFRS and Indian GAAP for 2016 have been compared. The results show that there have been no significant changes in Financial statement numbers when compared Indian GAAP figures and IFRS figures and that adoption of IFRS will not drastically alter the financial statement numbers in case of companies in Indian IT sector.
Keywords: IFRS, Indian GAAP, Accounting Standards, Financial Statements, Income Statement, Balance Sheet
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