COMPARISON OF INDIAN GAAP AND IFRS IN INDIA: AN EMPIRICAL ANALYSIS OF SELECTED COMPANIES

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1 National Seminar on INDAS : A Road Map for IFRS in India COMPARISON OF INDIAN GAAP AND IFRS IN INDIA: AN EMPIRICAL ANALYSIS OF SELECTED COMPANIES Introduction Dr Prabhu M Assistant Professor, Department of Commerce, JSS College for Women, Kollegal prabhumonya@gmailcom Harshitha R Faculty, Department of Commerce, Mahadeswara First Grade College, Kollegal This paper sets out to compare Indian GAAP and IFRS in India Consistent, comparable and understandable financial information is the lifeblood of commerce and making investment The idea of global harmonization of accounting standards stems from the lack of comparability of financial statements across the country In particular, a company having presence in different countries has to prepare financial reports as per Generally Accepted Accounting Principles (GAAP) of the country of operation and then it is required to reconcile all such reports for the purpose of consolidation as per GAAP of the country to which the parent belongs This increases the cost of preparing the financial reports and also performance Convergence of Indian Accounting Standards with IFRS Prospects and Challenges measurement across the geographical region becomes difficult because of non comparable accounting rules As global diversification of portfolio has become an important issue of fund management, therefore, an attempt has made to create a global financial reporting infrastructure which would help to increase understandability of financial statements This would also help in cross border rising of funds The expanding globalization of business and investment is driving increased interest as well as pressure to enhance the quality of financial reporting throughout the world 1 Review of literature As evident from the literature review, good number of studies carried out in different countries have highlighted the benefits of having single set of financial reporting standards across the globe Few of the studies have also brought out the procedural aspects of implementation of IFRS Some of the studies have given a contradictory view wherein the articles talk about the difficulties and complications faced in implementing IFRS ISBN :

2 National Seminar on INDAS : A Road Map for IFRS in India As mentioned earlier, the available literature on IFRS and its implementation covers the data from European Union Few studies have been carried out analyzing the data from other countries Armstrong et al (2010) found out a positive reaction to IFRS adoption events for firms with high quality pre adoption information, consistent with investors expecting net convergence benefits from IFRS adoption In his study of 104 European Union firms during the period of ( ), Cai & Wong (2010) studied the global capital markets summarized that the capital markets of the countries that have adopted IFRS have higher degree of integration among them after their IFRS adoption as compared to the period before the adoption Paananen & Lin (2009) gave a contrary view to prior research that IFRS adoption ensures better quality of accounting information Their analysis of German companies reporting showed that accounting information quality has worsened with the adoption of IFRS over time They also suggested that this development is less likely to be driven by new adopters of IFRS but is driven by the changes of standards Lantto & Sahlstrom (2009) indicated that key financial ratios of companies of Finland found that the adoption of IFRS changes the magnitude of the key accounting ratios The study also showed that the adoption of Fair Value Accounting rules and stricter requirements on certain Accounting issues are the reasons for the changes observed in Accounting Figures and financial ratios Chand & White (2007) advised that convergence of Domestic Accounting Standards and IFRS, demonstrated that the influence of Multinational Enterprises and large international accounting firms can lead to transfer of economic resources in their favor, wherein the public interests are usually ignored Elena et al (2009) concluded that convergence between US Generally Accepted Accounting Principles (GAAP) and IFRS were of the opinion that the adoption of IFRS in the USA undoubtedly would mark a significant change for many US companies It would require a shift to a more principlesbased approach, place for greater reliance on management (and auditor) judgment, and spur major changes in company processes and systems Ali & Ustundag (2009) suggested that development process of Financial Reporting Standards around the World and its practical results in a developing country, Turkey They observe that Turkey has encountered several complications in adaption of IFRS such as complex ISBN :

3 National Seminar on INDAS : A Road Map for IFRS in India structure of the International standards, potential knowledge shortfalls and other difficulties in application and enforcement issues Epstein (2009) argued that Economic Effects of IFRS adoption emphasized on the fact that universal financial reporting standards will increase market liquidity, decrease transaction costs for investors, lower cost of capital and facilitate international capital formation and flows Devalle (2010) concluded that with adoption of IFRS by 3721 firms listed on 5 European Stock Exchanges, influence of earning on share price increased Kishori and Bhagat (2012) opined that so many aspects relating to IFRS convergence which still need to be clarified, such as IFRS first time adoption standard, compliance of comparative previous period figures with IFRS, changes required to the Companies Act to comply with IFRS, changes to the IncomeTax Act, the Reserve Bank of India s requirements for banks, etc Jyoti Pohane (2012) observed that real estate industry continues to be a good example of the differences that can arise from the application and interpretation of apparently straightforward accounting standards 2 Objectives of the study are as follows: The study aims to achieve the following objectives 1) To develop an insight to the global financial reporting language ie IFRS 2) To compare the Indian GAAP and IFRS 3) To explore the likely beneficiaries of convergence of Indian GAAP with IFRS 3 Hypothesis for the study The following hypothesis was tested as a part of research work to achieve the above objectives by using secondary data 1) There is a significant difference in financial reporting based on Indian GAAP and IFRS 4 Research methodology Data Collection This study is descriptive in nature The study is executed on the basis of secondary data The main sources of secondary data are company s manual, annual reports, journals, newspapers and concerned websites The annual report data were collected from the websites of Wipro and Infosys Company The 5 years annual report data were collected from 2009 to 2013 These data were used to testing of hypothesis ISBN :

4 National Seminar on INDAS : A Road Map for IFRS in India Data Analysis To analyze the data collected various statistical tools and techniques have been applied in this study The annual report data were processed and analysed with statistical tools such as tables, charts and descriptive statistics The hypothesis is tested using Levene s Test for equality of The data were analyzed with the help of SPSS package 16 5 Results and Discussion Comparison of IFRS and Indian GAAP Statement Table 1: Comparative Statement of Wipro2009(Rupees in millions) Particulars GAAP IFRS Difference %of change Goodwill PPEintangible assets sale investment Investment equity Inventories Trade receivable Unbilled revenue Cash and cash equality Net tax assets Other assets Total assets Share capital Share allotment money Retained earnings Cash flow hedging Other reserves Total equity Minority interest Loans and advances Trade payable Unearned revenue Other and provisions ISBN :

5 National Seminar on INDAS : A Road Map for IFRS in India Total Total and equity Source: Annual Report of Wipro2009 Table 1 demonstrates the Comparative Statement of Wipro for the year it is observed that, 137% increase in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is increase in the value of Net tax asset including deferred taxes in IFRS reporting by 2351% when compared with the amount reported under Indian This adjustment had no impact on equity There is 1001% increase in Other assets in IFRS compared to Indian Accounting standards The total equity has increased by nearly 73% in IFRS when compared to the Indian accounting standards The total has decreased by 6% in IFRS when compared to Indian accounting standards Table 2: Comparative Statement of Wipro2010(Rupees in millions) Particulars GAAP IFRS Difference %of change Goodwill PPEintangible assets sale investment Investment equity Inventories Trade receivable Unbilled revenue Cash and cash equality Net tax assets Other assets Total assets Share capital Share allotment money Retained earnings Cash flow hedging Other reserves Total equity Minority interest Loans and advances Other and ISBN :

6 National Seminar on INDAS : A Road Map for IFRS in India provisions Total Total and equity Source : Annual Report of Wipro2010 Table 2 demonstrates the Comparative Statement of Wipro for the year it is observed that, 1272% decrease in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is no increase in the value of Net tax asset including deferred taxes in IFRS reporting by 000 when compared with the amount reported under Indian Accounting Standard There is 1403%decrease in Other assets in IFRS reporting compared to Indian Accounting standards This adjustment had no impact on equity The total equity has decreased by nearly 172% in IFRS when compared to the Indian accounting standards The total has decreased by 1106% in IFRS when compared to Indian accounting standards Table 3: Comparative Statement of Wipro2011(Rupees in millions) Source: Annual Report of Wipro2011 Particulars GAAP IFRS Difference %of change Goodwill PPEintangible assets sale investment Investment equity Inventories Trade receivable Unbilled revenue ,23 Cash and cash equality Net tax assets Other assets Total assets Share capital Share allotment money Retained earnings Cash flow hedging Other reserves Total equity Minority interest ISBN :

7 National Seminar on INDAS : A Road Map for IFRS in India Loans and advances Other and provisions Total Total and equity Table 3 demonstrates the Comparative statement of Wipro for the year it is observed that, 603% decrease in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is decrease in the value of Net tax asset including deferred taxes in IFRS reporting by 5506%when compared with the amount reported under Indian Accounting Standard There is 2762% decrease in Other assets in IFRS reporting compared to Indian Accounting standards The total equity has decreased by nearly 4096% in IFRS when compared to the Indian accounting standards The total has increased by 295% in IFRS when compared to Indian accounting standards Table 4: Comparative Statement of Wipro2012 (Rupees in millions) Particulars GAAP IFRS Difference %of change Goodwill PPEintangible assets sale investment Investment equity Inventories Trade receivable Unbilled revenue Cash and cash equality Net tax assets Other assets Total assets Share capital Share allotment money Retained earnings Cash flow hedging Other reserves Total equity Minority interest Loans and advances ISBN :

8 National Seminar on INDAS : A Road Map for IFRS in India Other and provisions Total Total and equity Source: Annual Report of Wipro2012 Table 4 demonstrates the Comparison Statement of Wipro for the year it is observed that, 94% increase in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is increase in the value of Net tax asset including deferred taxes in IFRS reporting by 3143% when compared with the amount reported under Indian Accounting Standard There is 129% decrease in Other assets in IFRS reporting compared to Indian Accounting standards This adjustment had no impact on equity The total equity has decreased by nearly 2475% in IFRS when compared to the Indian accounting standards The total has increased by 2747% in IFRS when compared to Indian accounting standards Table 5: Comparative Statement of Wipro2013 (Rupees in millions) Particulars GAAP IFRS Difference %of change Goodwill PPEintangible assets sale investment Investment equity Inventories Trade receivable Unbilled revenue Cash and cash equality Net tax assets Other assets Total assets Share capital Share allotment money Retained earnings Cash flow hedging Other reserves Total equity ISBN :

9 National Seminar on INDAS : A Road Map for IFRS in India Minority interest 237 Loans and advances Trade payable Unearned revenue Other and provisions Total Total and equity Source : Annual Report of Wipro2013 Table 5 highlights the Comparison Statement of Wipro for the year it is observed that, 194% increase in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is increase in the value of Net tax asset including deferred taxes in IFRS reporting by 11553% when compared with the amount reported under Indian Accounting Standard There is 1057% increase in Other assets in IFRS reporting compared to Indian Accounting standards This adjustment had no impact on equity The total equity has increased by nearly 13% in IFRS when compared to the Indian accounting standards The total has decreased by 112% in IFRS when compared to Indian accounting standards Table 6: Comparative Statement of Infosys 2009 (Rupees in millions) Particulars IGAAP IFRS Difference % 0f change Cash sale of financial asset Investments Trade receivable Unbilled revenue Deferred instrument financial Other current asset Total current asset Plant and machinery Goodwill Intangible asset ISBN :

10 National Seminar on INDAS : A Road Map for IFRS in India Sale of financial asset Deferred income tax asset Income tax asset Other noncurrent asset Total noncurrent asset Total assets Trade payable Deferred financial asset Current income tax Client deposit Unearned revenue Employee benefit Provisions Other current Total current Deferred income tax Employee benefit Other noncurrent Total Share capital Share premium Retained earnings Other equity 302 Total and equity Source: Annual Report of Infosys2009 Table 6 shows the Comparison Statement of Infosys for the year it is observed that, 194% decrease in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is decrease in the value of income tax asset including deferred taxes in IFRS reporting by 100% when compared with the amount reported under Indian Accounting Standard There is 172% increase in Other assets in IFRS reporting compared to Indian Accounting standards This adjustment had no impact on equity The total ISBN :

11 National Seminar on INDAS : A Road Map for IFRS in India equity and has decreased by nearly194% in IFRS when compared to the Indian accounting standards Table 7: Comparative Statement of Infosys 2010 (Rupees in millions) Particulars IGAAP IFRS Difference % 0f change Cash sale of financial asset Investments Trade receivable Unbilled revenue Deferred financial instrument Other current asset Total current asset Plant and machinery Goodwill Intangible asset Sale of financial asset Deferred income tax asset Income tax asset Other noncurrent asset Total noncurrent asset Total assets Trade payable Deferred financial asset Current income tax Client deposit Unearned revenue Employee benefit Provisions Other current Total current Deferred income tax ISBN :

12 National Seminar on INDAS : A Road Map for IFRS in India Employee benefit Other non current Total Liability Share capital Share premium Retained earnings Other equity Total and equity Source: Annual Report of Infosys2010 Table 7 demonstrates the Comparison Statement of Infosys for the year it is observed that, 046% decrease in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is decrease in the value of income tax asset including deferred taxes in IFRS reporting by 106% when compared with the amount reported under Indian Accounting Standard There is 7% increase in Other assets in IFRS reporting compared to Indian Accounting standards This adjustment had no impact on equity The total equity and has decreased by nearly 046% in IFRS when compared to the Indian accounting standards Table : Comparative Statement of Infosys 2011(Rupees in millions) Particulars IGAAP IFRS Difference % 0f change Cash sale of financial asset Investments Trade receivable Unbilled revenue Deferred financial instrument Other current asset Total current asset Plant and machinery Goodwill Intangible asset Sale of financial asset Deferred income tax ISBN :

13 National Seminar on INDAS : A Road Map for IFRS in India asset Income tax asset Other noncurrent asset Total noncurrent asset Total assets Trade payable Deferred financial asset Current income tax Client deposit Unearned revenue Employee benefit Provisions Other current Total current Deferred income tax Employee benefit Other non current Total Share capital Share premium Retained earnings Other equity Total and equity Source: Annual Report of Infosys2011 Table depicts the Comparison Statement of Infosys for the year it is observed that, 739% increase in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is increase in the value of income tax asset including deferred taxes in IFRS reporting by 100% when compared with the amount reported under Indian Accounting Standard There is 1015% decrease in Other assets in IFRS reporting compared to Indian Accounting standards This adjustment had no impact on equity The total equity and has increased by nearly739% in IFRS when compared to the Indian accounting standards ISBN :

14 National Seminar on INDAS : A Road Map for IFRS in India Table 9: Comparative Statement of Infosys 2012(Rupees in millions) Particulars IGAAP IFRS Difference % 0f change Cash sale of financial asset Investments Trade receivable Unbilled revenue Deferred financial instrument Other current asset Total current asset Plant and machinery Goodwill Intangible asset Sale of financial asset Deferred income tax asset Income tax asset Other noncurrent asset Total noncurrent asset Total assets Trade payable Deferred financial asset Current income tax Client deposit Unearned revenue Employee benefit Provisions Other current Total current Deferred income tax Employee benefit Other noncurrent ISBN :

15 National Seminar on INDAS : A Road Map for IFRS in India Total Share capital Share premium Retained earnings Other equity Total and equity Source: Annual Report of Infosys2012 Table 9 demonstrates the Comparison Statement of Infosys for the year it is observed that, 1224% increase in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is increase in the value of income tax asset including deferred taxes in IFRS reporting by 1034% when compared with the amount reported under Indian Accounting Standard There is 1959% increase in Other assets in IFRS reporting compared to Indian Accounting standards This adjustment had no impact on equity The total equity and has increased by nearly1224% in IFRS when compared to the Indian accounting standards Table 10: Comparative Statement of Infosys 2013 (Rupees in millions) Particulars IGAAP IFRS Difference % 0f change Cash sale of financial asset Investments Trade receivable Unbilled revenue Deferred instrument financial Other current asset Total current asset Plant and machinery Goodwill Intangible asset Sale of financial asset Deferred income tax asset ISBN :

16 National Seminar on INDAS : A Road Map for IFRS in India Income tax asset Other noncurrent asset Total noncurrent asset Total assets Trade payable Deferred financial asset Current income tax Client deposit Unearned revenue Employee benefit Provisions Other current Total current Deferred income tax Employee benefit Other non current Total Share capital Share premium Retained earnings Other equity Total and equity Source: Annual Report of Infosys2013 Table 10 shows the Comparison Statement of Infosys for the year it is observed that, 17% increase in the Total assets value as per IFRS when compared with the total assets value as per Indian Accounting standards There is decrease in the value of income tax asset including deferred taxes in IFRS reporting by 5120% when compared with the amount reported under Indian Accounting Standard There is 000% no increase in Other assets in IFRS reporting compared to Indian Accounting standards The total equity and has increased by nearly17% in IFRS when compared to the Indian accounting standards ISBN :

17 National Seminar on INDAS : A Road Map for IFRS in India Testing of Hypothesis To examine whether there exists differences in Financial reporting based on Indian GAAP and IFRS, the following null and alternative hypotheses are postulated H 0 : There is no significant difference in financial reporting based on Indian GAAP and IFRS H a : There is a significant difference in financial reporting based on Indian GAAP and IFRS The above hypothesis is tested using group statistics and Levine s Independent Samples t Test and the results are as under: Table 11: Group Statistics Reporti ng M ean Std Deviation Std Error Mean Goodwill IGAAP IFRS E E PPE_IA IGAAP IFRS E E Sale_Investm ent IGAAP IFRS E E Investment_E quity IGAAP IFRS 1 435E E Inventories IGAAP IFRS 5 695E E Trade_Receiv ables IGAAP 4 934E4 4 IFRS E Unbilled_Rev enue 5 IGAAP E3 1 IFRS E Cash_Cash_E quality 5 IGAAP E4 5 IFRS E Net_Tax_Asse ts 6 IGAAP E3 4 IFRS E Other_Assets 2 IGAAP E4 2 IFRS E Total_Assets 5 IGAAP E5 2 IFRS E E E E ISBN :

18 National Seminar on INDAS : A Road Map for IFRS in India Table 12: Independent Samples Test Levene's Test for ity of Variances ttest for ity of Means F Sig t f d S ig (2 tailed) Mean Difference Std Error Difference 95% Confidence Interval of the Difference Lower Upper Goodwill not PPE_IA not Sale_Investm ent not Investment_E quity not Inventories not Trade_Receiv ables not Unbilled_Rev enue not Cash_Cash_E quality not Net_Tax_Asse ts not Other_Assets ISBN :

19 National Seminar on INDAS : A Road Map for IFRS in India not Total_Assets not E E E E E E E E6 With F value (ie, 0003, 0106, 0023, 0002, , 0492, 0000, 2295, 057, 43) and observed p value of 0960, 0753, 02, 0967, 1000, 0994, 0364, 099, 016, 0469, 0,070 which are greater than 005, it is necessary to consider the t value and p value under equal variance The observed t value and p value are 0024, 007, 0015, 0000, 0009, 0799, 0001, 0239, 0269, 0935 and 092, 0996, 0940, 09, 1000, 0993, 017, 0794, 0376 respectively (p>005) Hence, there is no significant difference in financial reporting based on Indian GAAP and IFRS It can be inferred from the above analysis that there is no significant difference in financial reporting based on Indian GAAP and IFRS Therefore, the null hypothesis, There is no significant difference in financial reporting based on Indian GAAP and IFRS is proved and the alternative hypothesis, There is a significant difference in financial reporting based on Indian GAAP and IFRS is not proved 6 Suggestions The study found that the total assets value is increased as per IFRS when compared to Indian Accounting standards The results of the study evidenced that there is no significant difference in financial reporting based on Indian GAAP and IFRS It leads to easy adoption of IFRS 7 Conclusion The study authorizes companies going international or even global has given rise to the need to develop accounting standards that ensure uniformity and standardization of reporting financial information The IASC in its capacity developed accounting standards which seeks to satisfy the need for a universal accounting financial reporting system However, in the year 2001, the IASB which succeeded the IASC developed the IFRS which complement the IAS A successful transition requires a well thought of plan There is a growing International consensus on the IFRS on accepted standards for assessment of the financial health of a company across the globe Indian industry has an opportunity to have a financial accounting framework that is truly global in nature and is expected to provide enhanced access to capital markets globally ISBN :

20 National Seminar on INDAS : A Road Map for IFRS in India References 1) Amihud, Y, &Mendelson, H (196), Asset pricing and the bidask spread, Journal of Financial Economics Vol 17(2), pp ) Amir, E, Harris, T, & Venuti, E (1993) A comparison of the value relevance of US versus non USGAAP Accounting measures using form F20 reconciliations, Journal of Accounting Research Studies on International Accounting, Vol 31(Supplement), pp ) Aubert, F, &Grudnitski, G (2011) The impact and importance of mandatory adoption of International Financial Reporting Standards in Europe, Journal of International Financial Management and Accounting, Vol 22(1), pp 126 4) Byard, D, Li, Y, & Lu, Y (2011) The effect of mandatory IFRS adoption on financial analysts information environment, Journal of Accounting Research, Vol 49(1), pp ) Coopers & Lybrand (1993) International Accounting Summaries: A guide for interpretation and comparison, (2nd edition) New York: Wiley 6) Epstein, B, &Jermakowicz, E (201011) Interpretation and Application of International Financial Reporting Standards for Indian Companies Delhi: 7) International Accounting Standards Board (IASB) (2002), International Accounting Standards Committee Foundation, Annual Report 2002, London ) Lantto, A, &Sahlstrom, P (2009) Impact of International Financial Reporting Standard adoption on key financial ratios, Accounting and Finance, Vol 49(2), pp ) Mintz, S (2010), Implementation concerns about IFRS adoption in US, Journal of International Business Education, Vol 5, pp ) Nigerian Accounting Standards Board (2010) Adoption of International Financial Reporting Standards, Report of the Committee on Road Map to the Adoption of IFRS Dr A Vinayagamoorthy IJSRE Volume 2 (5) May 2014 pp ) Tomaszewski, S, &Showerman, S (2010) IFRS in United States: Challenges and opportunities, Review of Business, pp ) Williams, J, Haka, S, Bettner, M, &Carcello,J(2009) Financial & Management Accounting: The Basis for Business Decisions, (14th edition) Singapore: McGraw Hill International Edition 13) Shibu Das (2013) International Financial Reporting Standards (IFRS): A Study on the Present Scenario in India ISBN :

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