The laws should be changed even before the adoption of IFRS to have a proper legal backing for the implementation of the International Financial Reporting Standards. Where they are not changed before, efforts should be made to change them immediately after adoption of the standards to avoid confusion and misunderstanding between the regulators and the entities reporting under IFRS.

Every nation tries well to follow IFRS to replace Standard, as per India IT industry, FMCG Industry followed IFRS, Its also true that so many problem faced to follow IFRS, Proper guidance and understand might helpful to corporates as well as investors. Investors don't face any problem for analysis financial statements.

They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.

Every country should accept the international rules and standards to be competitive on financial market and in this case should change their law before the adoption of IFRS. If the country didn't make the necessary changes it can make a conflict of laws and the most affected will be the companies who cooperate with foreign partners, so that situation would adversely affect to their operations.

It depends on the law. Many countries have dual systems where the listed companies adopt IFRS for financial reporting purposes and the non-listed firms follow the local GAAP. Therefore the local laws do not need to be changed altogether for IFRS. On the other hand, adoption of IFRS is not following a set of rules and changing of some acounting numbers. As IFRS is principles based and it requires considerable information (for example fair value) to generate high quality financial information, I think the most important issue here is to change the accounting culture in that country. Otherwise, the benefits of IFRS adoption will be limited.

Before.