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IFRS and Sustainable Financial Reporting By
Executive Summary The report evaluates the applicability of IFRS as a global financial language. It discusses the current purview of IFRS adoption and its contribution to the achievement of sustainable financial reporting. The current nature of IFRS integration across the globe is characterised by many variations and flexibility that is subjected to management interpretation of IFRS. However, the potential use of IFRS intends to achieve holistic sustainability along with the application of GRI guidelines. This will lead to not only economic but also social and environmental value creation. The sustainable financial reporting would increase the confidence of different stakeholder groups. Further the report discusses the use of accounting standards in India for attaining sustainable reporting. It discusses the current standards and their use in sustainable reporting within India for publicly listed companies. Moving ahead to full integration with IFRS, Indian companies will be better placed globally in terms of sustainable reporting – enabling transparency, uniformity, objectivity, verifiability, lowered risk and comparability.
Contents Executive Summary.........................................................................................................................2 Introduction......................................................................................................................................4 Part A...............................................................................................................................................4 IFRS.................................................................................................................................................4 Use of IFRS for sustainable reporting.............................................................................................5 Part B...............................................................................................................................................7 IFRS in India....................................................................................................................................7