A COMPARATIVE STUDY ON FINANCIAL REPORTING PRACTICES IN INDIA, US AND UK IN LINE WITH IFRS.

The story of the inception of business and commerce helps to provide a historical account of the evolution of accounting. The concept of accounting has gone from different transformational stages at domestic as well as international level. Complex interaction of various environmental variables like rapid expansion of international business, pre-dominance of MNC’s, internationalization of capital markets and establishment of autonomous accounting bodies and institutions has lead to diversity and development of accounting rules, regulations , policies , procedures and framework at international level. Many recognized and esteemed accounting institutions at international level already have realized the complexities and diversity in context to international financial reporting practices in different countries. They have accepted the fact that different countries that are rich in accounting policies and practices are indifferent to the international dimensions of accounting and financial reporting practices in light with IFRS due to the complex interaction of different environmental variables like economic factors, political factors, socio-cultural factors and technological factors etc. In globalization era, the concept of international financial reporting practices is a well established era of specialization. The present paper laid emphasis on factors affecting international financial reporting practices in selected nations like India, U.S and U.K which are advance and rich in accounting system as well as it concentrate upon measuring the differences between the their preparation and presentation of financial statements. In other words, the present paper will also study the fact that how local GAAP of selected countries differs from IFRS on executing, recognition, measurement, and disclosure rules with regard to various accounting items like inventory valuation, revaluation of fixed assets, treatment of pre-operating expenses , amortization of intangible assets , consolidated statements , cash flow statements and foreign currency translations etc.