PERCEPTION OF CHARTERED ACCOUNTANTS TOWARDS THE ROLE OF IND AS IN IMPROVING FINANCIAL STATEMENT REPORTING IN MUMBAI

Abstract

The transition to Indian Accounting Standards (IND AS) marks a monumental shift in India's financial reporting landscape. Chartered Accountants stand on the frontlines of this transformation. Their perception directly dictates the success of implementation. This research investigates the perception of Chartered Accountants in Ahmedabad regarding the adoption of IND AS in financial statements. The primary objective is to analyze how practitioners view the utilities and challenges associated with the new framework, alongside assessing how experience levels influence these views. A random sampling technique was utilized to gather primary data from 150 Chartered Accountants operating in Ahmedabad. Structured questionnaires captured responses on various dimensions of IND AS. Data analysis leveraged descriptive statistics and variance testing to extract meaningful patterns. The analysis reveals a dual narrative. Practitioners strongly acknowledge the benefits of global comparability and transparency. However, they simultaneously grapple with severe challenges rooted in fair value measurements and relentless compliance costs. Experience plays a pivotal role. Seasoned professionals exhibit more skepticism towards frequent amendments compared to their younger counterparts. The findings suggest an urgent need for targeted, continuous professional development programs. Regulatory bodies must streamline the compliance process to ensure the transition translates into genuine economic value rather than a mere bureaucratic exercise.