DEVELOPMENT AND FUTURE TRENDS OF IFRS IN ACCOUNTING
The objective of this research paper is to find out the development and changes in accounting practices across the world in recent times. We witnessed the first step in developing the national accounting and auditing in line with international standards and overcoming transitional economy by enacting legal enforcement, such as Law on accounting. Our Institute (ICAI) is awakening members, holding seminars, workshops for them. What was a trickle in 2007 08, is likely to become a flowing stream, but with a restricted speed. The revenue departments, the company law department and various industry associations, however, are still not enthusiastic supporters. The recent 'Satyam Episode' where the company claimed to be the first to be IFRS compliant, would also come in the way of proper studies because lot of defense mechanism will have to be used in damage control exercise. This paper also investigates whether there is a change in financial accounting system Today, it's apparent that these laws are not efficiently compliant with not only the rapidly growing economic and social requirement, but also sustaining future development focus. Looking back into the past, it's observed that we have gone the long way to shifting to the new accounting system and today we are facing with issue of starting the new phase of the accounting development. The new phase will comprise not only accounting, auditing, asset valuation, financial market regulation, finance, accounting of investment instruments, control issues in whole, but also issues on activity, responsibility, relationships, and legislative regulation of stakeholders.