Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review

Nikhil M N; Shenoy, Sandeep S.; Chakraborty, Suman; Abhilash Article Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review Cogent Business & Management Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Nikhil M N; Shenoy, Sandeep S.; Chakraborty, Suman; Abhilash (2024) : Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review, Cogent Business & Management, ISSN 2331-1975, Taylor & Francis, Abingdon, Vol. 11, Iss. 1, pp. 1-23, https://doi.org/10.1080/23311975.2024.2411446 This Version is available at: https://hdl.handle.net/10419/326597 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Cogent Business & Management ISSN: 2331-1975 (Online) Journal homepage: www.tandfonline.com/journals/oabm20 Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review Nikhil M N, Sandeep S. Shenoy, Suman Chakraborty & Abhilash To cite this article: Nikhil M N, Sandeep S. Shenoy, Suman Chakraborty & Abhilash (2024) Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review, Cogent Business & Management, 11:1, 2411446, DOI: 10.1080/23311975.2024.2411446 To link to this article: https://doi.org/10.1080/23311975.2024.2411446 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group View supplementary material Published online: 07 Oct 2024. Submit your article to this journal Article views: 1400 View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oabm20 Cogent Business & ManageMent 2024, VoL. 11, no. 1, 2411446 Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review Nikhil M Na , Sandeep S. Shenoya , Suman Chakrabortyb and Abhilasha aDepartment of Commerce, Manipal academy of Higher education Manipal, Karnataka, india; bschool of Business and Management, narsee Monjee institute of Management studies, indore, Madhya Pradesh, india ABSTRACT The last few decades have evidenced radical changes in global standards, particularly the International Financial Reporting Standards convergence in India has piqued the curiosity of researchers and professionals. Despite the evolving research, there is no consensus on its consequences in the Indian context. In this backdrop, this paper provides a state-of-the-art summary of empirical archival on determinants and effects of Ind AS for the post-2010 period. To this end, the study employs the systematic literature review method following the Scientific Procedure and Rationales for the Systematic Literature Review approach. A total of 50 articles retrieved from the Scopus and Web of Science database between 2010 and 2024 were reviewed. The results revealed that the perceived benefits of IFRS, globalization, and the urge to enhance reporting quality are the key drivers of IFRS convergence in India. Regarding impact, the review uncovered that Ind AS has increased the quality of financial reporting, value relevance, and firm performance. However, it has led to a decline in the ethical reporting of the firms. Further, Ind AS witnessed the increased length and complexity of financial statements, causing problems with the readability of the reports. Overall, the observed learning curve effect strongly suggested that the Ind AS will have a favourable impact on the Indian accounting realm moving forward. The findings urge that policymakers should adopt concurrent enforcement mechanisms while investors are advised to exercise caution while making investment decisions. 1. Introduction The pitfalls of complexity and comparability of financial statements under domestic GAAP-based standards led regulators to ask whether the financial statements could be made coherent and consistent across different industries and countries. Since value relevance is positioned as a key feature of financial statements (Morris et al., 2014; Rehman et al., 2014), the relevance of financial information in the contemporary market serves as a prerequisite for informed decision-making (Fields et al., 2001). Given this phenomenon, ensuring the transparency of financial statements became a major issue in the digital and institutionally planned capital markets. Against this backdrop, the International Financial Reporting Standards (IFRS) had emerged with a bundle of prerequisites, including investor protection and fair value accounting (Hellmann et al., 2021; Vidal-García & Vidal, 2016). The regulators poised that IFRS would bring a significant improvement in the comparability of financial statements (Brochet etal., 2013; Cormier & Magnan, 2016; Lin et al., 2019; Tarca, 2020). Subsequently, accounting scholars widely believed that IFRS would not only expedite the common accounting and financial language but also reshape the architecture of financial reporting (Khlif & Souissi, 2010; Samaha etal., 2009). Progressively, irrespective of the criticisms including inherent disparities in the accounting treatments (Wehrfritz & Haller, 2014), increased compliance costs (Fox et al., 2013; Pawsey, 2017) and subjectivity (Coe & Delaney, 2013; Sokolov, 2016), © 2024 the author(s). Published by informa uK Limited, trading as taylor & Francis group CONTACT sandeep s. shenoy sandeep[email protected] Department of Commerce, Manipal academy of Higher education, Manipal, Karnataka 576104, india. supplemental data for this article can be accessed online at https://doi.org/10.1080/23311975.2024.2411446. this article has been corrected with minor changes. these changes do not impact the academic content of the article. https://doi.org/10.1080/23311975.2024.2411446 this is an open access article distributed under the terms of the Creative Commons attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. the terms on which this article has been published allow the posting of the accepted Manuscript in a repository by the author(s) or with their consent. ARTICLE HISTORY Received 21 May 2024 Revised 23 August 2024 Accepted 26 September 2024 KEYWORDS Ind AS; compliance and adoption; fair value accounting; accounting disclosure; india; review JEL CLASSIFICATION M40; M41; M48; M49 SUBJECTS Business, Management and Accounting; Economics; Finance ACCOuNTING, CORPORATE GOVERNANCE & BuSINESS ETHICS | REVIEW ARTICLE 2 N. M N ETAL. the framework of universal reporting language gained momentum (De George et al., 2016; Emmanuel Iatridis, 2012; Ismail etal., 2013; Tawiah, 2020; Vishnani etal., 2023). Consequently, the perceived benefits of IFRS resulted in worldwide implementation, whereby more than 160 countries transited to IFRS (Song & Trimble, 2022). Interestingly, this worldwide implementation of IFRS painted a significant milestone in the history of accounts (Ball, 2016; Daske et al., 2008) and provided unprecedented opportunities for accounting scholars to empirically establish if the IFRS certainly brings improvements among the adopting economies. Some strands of literature found that the IFRS continued to exert a positive impact on the accounting quality (Agana et al., 2023; Chua et al., 2012; Dayanandan et al., 2016; Dimitropoulos et al., 2013) and comparability (Alruwaili et al., 2023; Bassemir & Novotny-Farkas, 2018; Gajevszky, 2015; Mensah, 2021), whereas another strand of works witnessed for increased transparency of financial statements (Alomair et al., 2022; Sánchez et al., 2023; Sassi & Damak-Ayadi, 2023; Souza et al., 2024). Other strands of literature postulated that IFRS reduced managers’ discretionary activities (Azzali et al., 2021; Baig & Khan, 2016; Eiler etal., 2022). Consequently, economies, explicitly developing countries, supported the implementation of IFRS as a national accounting standard (Herbert & Tsegba, 2013). In this backdrop, a growing number of studies has summarized the relevance and consequences of adopting IFRS in Western countries (Brüggemann etal., 2013; Tsunogaya etal., 2015; De George etal., 2016; Houqe, 2018; Mohammadrezaei et al., 2015; Cualain & Tawiah, 2023). However, due to the considerable differences in the economic, cultural, and institutional environment (Nahar etal., 2016), the relevance and effectiveness of adopting IFRS in developing countries becomes an interesting research hotspot (Al-Enzy et al., 2023; Ben & Kossentini, 2015; Guo etal., 2023; Sadaka, 2022). Despite this, the existing body of knowledge on the drivers and consequences of post-IFRS implementation in developing countries, particularly in India, received less attention on the part of scholars and academicians. As far as developing nations are concerned, the advent of globalization brought the domestic economies forefront to the complications provoked by divergence in the reporting standards (Amiram, 2012). On an interesting note, most of the economies in the world are developing economies1. Hence, non-compliance to IFRS did not seem to be a trivial matter (Singh & Newberry, 2008) as the accounting convergence and unification of financial language were regarded as an essential ingredient of accounting practices among developing economies (Farah Mita & Husnah, 2015; Nguyen et al., 2023; Samaha & Khlif, 2016). As a result, the call for harmonization of domestic accounting practices with global reporting standards was requisite and pragmatic (Samaha etal., 2009). Further, the policymakers in emerging markets strongly believed that the poor quality of reporting mechanisms embedded in the GAAP-based standards was likely to hinder the probability of foreign capital inflows (Samaha & Khlif, 2016). Nevertheless, the appropriateness of implementing IFRS among developing economies was controversial and challenging. Realizing the prominence of IFRS, the International Accounting Standards Board (IASB) worked with regulators in developing and facilitating the consistent application of standards2 to cope with inadequate and misunderstanding of the principle-based standards. Eventually, with the increased efforts devoted to strengthening the international financial system, the developing nations moved towards IFRS either in its original or converged forms. 1.1. Theoretical underpinnings At the onset, there was no received accounting theory on the adoption of high-quality standards, and this was unfortunate in the accounting fraternity. To rectify these isolated exceptions, scholarly works attempted to elucidate the need for international standards from theoretical perspectives. Thus, the adoption of IFRS, specifically in developing nations, owes its genesis to a few accounting theories that manifested the need for change in the GAAP-based accounting standards. From the point of view of Voluntary Disclosure Theory, the adoption of IFRS is driven by a firm’s motive for additional disclosure of accounting information (Bhatia etal., 2023; Kalra & Vardia, 2016). Now, the question arises: Why do managers voluntarily disclose financial information? The plausible answer could be to reduce information asymmetry between stakeholders and enterprises; they disclose true and comprehensive information concerning the firm’s financial and non-financial activities (Bhatia etal., 2023). Thus, to discourage unfavorable selection issues among stakeholders, the firms voluntarily disclose such information, which would assist stakeholders in evaluating the firm’s present, past, and future estimates COGENT BuSINESS & MANAGEMENT 3 and uncertainties (Emmanuel Iatridis, 2012). Thus, firms’ preference to disclose true accounting information necessitates the adoption of high-quality standards like IFRS. The Institutional Theory emphasizes that an organization should focus not only on technical and operational efficiencies since it is largely shaped by external factors of ‘social fitness’ (Guerreiro et al., 2020). Being a social institution, a firm is likely to imitate successful corporate practices and be exposed to the influences of powerful corporations and competition (Bhatia et al., 2023). Besides, rules and constraints imposed by professional bodies significantly drive the structure of any organization, and no firm is an exception to this (Singh & Inder, 2017). Subsequently, companies comply with the additional disclosure of accounting information to demonstrate their legitimacy in the eyes of the public and avoid reputational damage (Saravanan et al., 2023a; Saravanan et al., 2023b). Thus, the social urge to disclose legitimate information to various stakeholders necessitates the adoption of global accounting practices (Chandok & Singh, 2017; Deb etal., 2021). Stewardship Theory sets the notion that promoters openly vanquish their interest to promote the long-term interest of the stakeholders, showcasing the stewardship behavior (Pelger, 2020). In emerging markets, most of the firms are dominated by promoters and their groups (Kota & Charumathi, 2018). They often strive to enhance the value of firms through additional disclosure and focusing on the well-being of stakeholders. Hence, such organizations are less likely to be affected by complicated equity adjustments, which per se increases their ability to adopt better disclosure compliances (Shruti & Thenmozhi, 2023). Thus, the desire to enhance the firm’s value supports the convergence with IFRS-based accounting norms. Another facet argues for the convergence of IFRS from the angle of agency theory and signaling theory. The agency theory postulates that compliance with IFRS and disclosure of information are highly impacted by firm-level factors, including leverage (Saravanan & Firoz, 2022). Management voluntarily discloses the risk and other prominent accounting information to create value among stakeholders and to avoid stringent debt covenants (Nikhil et al., 2023). As a result, levered firms are inclined to disclose more (Lambert, 2001). The signaling theory extends the voluntary disclosure theory. It states that additional sharing of information strikes a positive signal; whereby, stakeholders consider investing in such firms to be worthwhile and less risky. Prima facie, to send a positive signal and reduce the information gap, firms consider additional disclosure to be a game-changing strategy (Bhatia etal., 2023). The adoption of international standards, on the other hand, encourages the disclosure of risk and other prominent information to stakeholders, and thus, the implementation of IFRS becomes exigent. Besides, few accounting theories have reined to guide accounting practices, specifically, the normative and positive theories of accounting. While the former focuses on the recognition, measurement, and reporting of financial transactions, the latter emphasizes the accounting requirement, relevance of financial information, and type of accounting technique to solve managerial problems, providing the basis for the formulation of accounting standards (Deb, 2019; Emmanuel Iatridis, 2012). On this ground, high-quality accounting standards are advisable for every economy to uphold the principle of transparency and comparability of financial information. 1.2. Background to IFRS in India The contemporary global march towards accounting reforms as a means to achieve innovation in financing reporting entailed the adoption of IFRS in the Indian economy. Irrespective of the condemnation in terms of fair value prerequisites, transparency, and the governance structure of the issuing boards (De George et al., 2016; Jarolim & Öppinger, 2012; Stojilković, 2011), the convergence with the IFRS was expected to result in a high degree of transparency and comparability of annual reports in the Indian setting. As a consequence of this, post the prolonged effort to attain significant accounting reform, the Institute of Charted Accountants of India – a premier standard-setting body under the purview of the Ministry of Corporate Affairs (MCA), designed a roadmap for the smooth transition from erstwhile GAAP-based standards to IFRS (Almaqtari etal., 2020). However, the discrepancies in compliance due to the country’s unique macroeconomic and environmental factors (Soderstrom & Sun, 2007) compelled the MCA to converge its standards with IFRS (Himanshu & Singh, 2022), which was later renamed as Ind AS. Initially, the Indian companies were given a voluntary choice to opt for Ind AS (uzma, 2023). Eventually, 4 N. M N ETAL. posterior the careful analysis, the Ind AS was mandated for all the listed and unlisted firms in four-phased manners3 starting from the Financial Year 2016-17. In this background, the cascade of new accounting waves in the Indian reporting world probes an interesting debate concerning the motivation for accounting transformation and its economic consequences. Interestingly, a spate of literature has focused on the determinants and consequences of switching to IFRS in the united States, Germany, the united Kingdom, the European union, and developing markets (Brüggemann et al., 2013; Christensen etal., 2007; Daske et al., 2008; Fox etal., 2013; Gassen & Sellhorn, 2006; Kaya & Pillhofer, 2013; O Cualain & Tawiah, 2023; Street, 2012), whereas the determinants and summarization of consequences of IFRS convergence in developing economies like India is sparse. Certainly, the synchronization of accounting standards in the Indian setting offers a wide range of opportunities to delve deeper; however, shreds of empirical evidence escape the academic fraternity. On the other hand, despite the vigorous discussion among academicians regarding the positive effect of global harmonization, it is important to note that the improvement in the information environment is dependent on several factors. To be precise, the quality of IFRS compared to existing GAAP standards (Daske etal., 2008), adopting the country’s institutional dynamics (Ball, 2001; Rehman etal., 2014), incentives for financial reporting (Soderstrom & Sun, 2007), political and legal aspects of the adopting nations (Hung & Subramanyam, 2007; Wulandari & Rahman, 2004) and the opportunistic behavior of the management (Emmanuel Iatridis, 2012), significantly drives the development and implementation of accounting structure. Moreover, the difference in compliance with the IFRS is rooted in the market, environmental factors, and the level of corporate governance within the companies (uzma, 2016; Whittington, 2008). These factors make India a unique setting, and irrespective of the efforts, cross-country disparities are expected to exist because of the differing factors within the economies, outlining that standardizing the accounting standards does not necessarily result in the harmonization of accounting practices across the economies (Guerreiro et al., 2020). Against this backdrop, examining the motivating factors and summarizing the consequences of adopting IFRS in the Indian setting becomes an interesting research question. Although the empirical shreds of evidence on the impact of IFRS convergence in India are at a nascent stage, interestingly, few scholars have found evidence for increased reporting quality (Saji, 2022; Singh et al., 2020), while some argue for a negative impact on the accounting quality of the firms (Adhikari et al., 2021; Bansal & Garg, 2021; Meshram & Arora, 2021). Another strand of literature elucidates the positive impact on firm performance (Maina et al., 2020; Nikhil et al., 2023). Furthermore, the Ind AS is also found to reduce the uncertainty portion of the annual reports, leading to a lower cost of capital and enhanced transparency of the financial statements (Bansal, 2023a; Saravanan & Firoz, 2022). On the contrary, scholars evince that the implementation of Ind AS has flooded with a rise in the scope for earnings manipulation activities (Bansal, 2022a; Chatterjee, 2021; Himanshu & Singh, 2022). Hence, the benefits and costs of implementing Ind AS are inconclusive, and the existing institutional differences and socio-cultural complexities make India a unique and unanimous setting, offering a plentiful scope for further investigation. The motivation for the present research stems from two reasons. First, since Ind AS has been recently adopted in India, there is a knowledge deficiency due to limited studies and a wide gap marked by discrepancies in the empirical evidence. Although the studies in the Indian context have examined the impact of converging to IFRS, they have failed to synthesize the factors determining the adoption of IFRS. understanding the determinants is imperative as it provides valuable insights for stakeholders ranging from investors and regulators to policymakers and accounting professionals. Furthermore, understanding the antecedents emphasizes the influence of macroeconomic and regulatory frameworks on the decision to adopt IFRS, highlighting the broader implications for financial markets and investment decision-making. Hence, there is a dire need for an understanding of the rationale behind IFRS convergence and its major driving forces. Given the paucity of evidence, the present research attempts to outline the factors contributing to the need for IFRS convergence from an Indian perspective by answering the following research questions: RQ1: What is the need for IFRS in India? Second, the critical motivation arises from the dearth of dedicated reviews on the summary of the consequences of adopting IFRS converged standards in the Indian context. While the existing studies COGENT BuSINESS & MANAGEMENT 5 document the effect of the transition from GAAP to IFRS-based standards, the comprehensive synthesis of such findings is scant. Moreover, the existing shreds of evidence fail to provide conclusive remarks due to mixed findings. Against this backdrop, the present research aims to synthesize past scholarly literature to compile and summarize the effects of Ind AS adoption by employing the Systematic Literature Review (SLR) protocols using the study’s second hypothesis stated below: RQ2: What are the consequences of IRFS convergence in India? Following this research method, the study delineates interesting key takeaways. The significance of this study is that it is the first study in India that attempts to synthesize available literature with the primary intent of disseminating knowledge on IFRS determinants and consequences of convergence in an emerging country. Through an appraisal of what existing literature documents regarding the harms and benefits of Ind AS, the present research encapsulates the worthy links for further studies. Additionally, the findings of the study guide stakeholders in interpreting the pros and cons of IFRS convergence and aid them in acting accordingly. The paper is structured as follows. The study began with an introduction followed by a theoretical background and presentation of research questions. The second section elaborates on the review methodology adopted. In the third part, the review presents the results and discusses the obtained findings. Lastly, the paper concludes with suitable policy frameworks while paving the way for future research endeavours. 2. Methodology The study employs the SLR method to provide a state-of-the-art overview of trends and the evolution of empirical works on the Ind AS in the Indian context. The SLR as a methodology gathers all the relevant scholarly works that apt predetermined eligibility criteria (Liberati et al., 2009), curtails the possible bias by following the deliberate protocols for exclusion and inclusion of articles (Snyder, 2019), and thus enhances the reliability of findings to address a specific research question (Pooja & upadhyaya, 2022). Consequently, the SLR method gained momentum, and most of the researchers followed updated Preferred Reporting Items for Systematic Review and Meta-Analysis (PRISMA) guidelines (Okoli, 2015; Page et al., 2021; Paul & Criado, 2020). Nonetheless, the PRISMA deploys systematic reviews in general and fails to provide a rationale for researchers to justify their review decisions (Paul etal., 2021). To this end, the study oscillated from PRISMA protocols to Scientific Procedures and Rationales for Systematic Literature Reviews Protocol (SPAR-4-SLR) to synthesize the past literature on the determinants and consequences of IFRS convergence in India. The SPAR-4-SLR, as a methodologic choice, is justified by its superiority in terms of rigorousness, consistency, transparency (Khan etal., 2024) and minimizes arbitrariness (Ahiadu & Abidoye, 2024). This protocol provides a lucid rationale to substantiate the decisions made in the review process (Sharma et al., 2023) and thus paves the way for the expansion of the existing body of knowledge with the propelling cause to outline fruitful gaps for future research endeavors (Siddaway et al., 2019). More importantly, the SPAR-4-SLR protocol delivers state-of-the-art insight into the domain chosen and stimulates the agenda for further knowledge advancement through logical and practical rationales (Paul & Criado, 2020). Consequently, the SPAR-4-SLR protocol has been chosen in the present paper. This methodology includes three stages and six sub-stages (refer to Figure A1), namely Assembling, the stage that entails acquiring the body of literature; Arranging, the stage meant for organizing and purifying the identified literature; and Assessing, which encompasses the evaluation and reporting of the synthesized literature. 2.1. Assembling This phase of the research deals with defining the domain and research questions, identifying the type of source, and finally acquiring the existing body of literature. In the study, ‘the determinants and consequences of Ind AS adoption’ becomes the central domain of the study. The consequences of IFRS convergence have been synthesized through a domain-based approach (Paul & Criado, 2020) by focusing on the empirical evidence in the Indian setting amid the factors driving the convergence with the global 6 N. M N ETAL. standards. Next, the acquisition of literature involves deciding the source type, search period, and keywords to be used in the search mechanism. Initially, we chose the Scopus database to extract the research papers. Scopus is an eminent, convenient, and widely used database compared to the Web of Science (WOS) and Google Scholar (Kumar et al., 2021; Thürer et al., 2020). Besides, the articles exclusively covered under the WOS database are relatively smaller compared to Scopus, whereby most of the WOS-indexed journals are listed in the Scopus database (Mongeon & Paul-Hus, 2016). However, since the IFRS has garnered the attention of several academicians due to its prominence, it is crucial to include all the pertinent articles. Subsequently, to enhance the creditability of the study’s findings and to clutter the potential distraction, both Scopus and WOS databases are considered. The literature search was completed between 2010 and January 2024. Because the Ind AS was made voluntary in 2010, the articles published hereafter have been included in the study. A diverse pool of eight keywords and Boolean operators was used to retrieve the relevant articles. Through the initial glance at existing studies and based on the author’s recommendations, the keywords were identified and applied in Scopus’ Title-Abstract-Keyword (TIT-ABS-KEY) section. Initially, the keywords “IFRS” OR “International Financial Reporting Standards” resulted in 4803 articles. In the second search strategy, “IFRS” OR “International Financial Reporting Standards” OR “ IND AS” OR “Indian Accounting Standards” OR “Accounting standard” OR “GAAP” OR “Generally Accepted Principle” were used, which yielded a total of 10580 articles. Finally, an advanced search strategy was performed using an asterisk (*) symbol in the “TIT-ABS-KEY” section, i.e. “IFRS” OR “Ind AS” OR “International Financial Reporting Standard*” OR “Indian Accounting Standard*” OR “Accounting Standard*” OR “GAAP*” OR “Generally Accepted Principle*” which provided 10,602 research documents. Concurrently, the same set of advanced keywords were used in WOS (all fields section), which resulted in 9930 research works. 2.2. Arranging The arranging phase plays a prominent role in gauzing the myriad concepts of sourced literature appertain to the Ind AS domain. This stage encompasses organizing and purification of the literature that is in the process of synthetization. A few sets of inclusion and exclusion filters were applied in both databases to arrive at the relevant sample, as suggested by Kraus etal. (2022). The search sample was restricted to empirical and review articles that have passed the stage of double-blind review since they manifest more sophisticated standards compared to conference papers, books, chapters, notes, editorials, and letters (Lim et al., 2022). The articles related to the ‘Business Management, Accounting, Economics, Econometrics, Finance, and Social Science’ area were included for review, while those published in the non-English language were excluded (Fetscherin & Heinrich, 2015). Alongside, to tail the consequences of IFRS convergence in India, research narrowed by applying the country filter (India). Post applying all the filters, 133 and 80 research articles were found in Scopus and WOS databases, respectively. Following the suggestions of Donthu et al. (2021), after screening through the title and abstract of the papers, the unrelated and duplicate articles were eliminated further, which allowed us to include 82 articles in the inventory. However, post discarding the unavailable articles (closed access articles), the final bin included 50 research articles, satisfying the basic criteria4 for a SLR (refer to Table A2 for details of articles included in the paper). 2.3. Assessing The assessing stage embraces two sub-stages, viz., evaluation and reporting. The present research employs the inductive approach consistent with prior authors (Fahimnia et al., 2015; Lim et al., 2022) with an aim to provide the answers to research questions from the existing data patterns. Further, the advanced SLR methodology, i.e. SPAR-4-SLR, has been applied to assess past scholarly works since it enhances transparency (Ellegaard & Wallin, 2015) and improves understanding of the research domain (Paul & Criado, 2020). In the reporting protocol, the conventions and limitations of the study have been reported. Congruous with the prior research (Bhukya & Paul, 2023), the present study reported the results using a combination of figures, narrative words, and tables. COGENT BuSINESS & MANAGEMENT 7 3. Results and discussions 3.1. RQ1: What is the need for IFRS in India? Our first analysis illuminates the market forces behind the internalization of the reporting environment in India. As far as normative and positive theories are concerned, they put forward arguments to promote the prominence of a single accounting system in the business world (Nikhil et al., 2023; uzma, 2023) through the adoption of global accounting standards and closing the existing gap in the Indian financial reporting (Deb et al., 2021). Generally speaking, the Indian regulatory bodies preferred IFRS over GAAP standards because it was regarded as a global standard with better quality and was expected to yield significant benefits to Indian firms (Doliya & Singh, 2016). Before the introduction of IFRS, Indian companies were following GAAP-based accounting standards, where the financial statements were measured on the basis of historical costing provisions, hindering the true market value of financial properties (Das, 2015). Additionally, former standards provided excessive flexibility to Indian firms, which increased the complexity of financial statements and posed a challenging task for interpretation (Pallisserry, 2012). However, ‘True and Fair’ is regarded as the primary epithet of the financial statements (Singh & uzma, 2011), which were lacking under Indian GAAP-based standards. To overcome this information asymmetric problem, in accordance with the disclosure theories, communicating the true and comprehensive accounting numbers to the stakeholders was a primary requisite (Kalra & Vardia, 2016). On one side, the regulators were promoting IFRS as a realistic approach to analyzing the reported numbers (Swamy & Vijayalakshmi, 2012), and other side, it was argued that accounting standards were a cardinal part of any accounting system (Bhatia & Tripathy, 2018). Hence, moving to a fair value accounting (FVA) measure via global accounting convergence was highly essential in the Indian market (uzma, 2023). On top of this, due to the advent of globalization, the entire globe had to be treated as a common village through a single set of accounting and business languages (Nikhil et al., 2023). India could not afford to bear the economic losses arising due to negligence to developments and modifications happening worldwide (Kalra & Vardia, 2016). Hence, as a panacea for all problems, Indian firms had to send a positive signal to the stakeholders, including foreign investors (Bhatia et al., 2023), irrespective of the borrowing level (Nikhil et al., 2023), by promoting the long-term interest of the stakeholders (Kota & Charumathi, 2018) and avoiding the debt covenants (Saravanan & Firoz, 2022). Further, domestic firms, being social organizations, had to confront the global competition and increase goodwill in the eyes of the public by reporting legitimate and standard financial information through global accounting practices (Chandok & Singh, 2017; Deb etal., 2021). Given this, change in the external reporting system was a necessary call for India to exploit new opportunities (Dhankar et al., 2017; Nikhil etal., 2023) and to empower a better understanding of the companies’ affairs5. Thus, MCA decided to transform from GAAP-based accounting standards to IFRS-based standards in the Indian context (Bhatia et al., 2023). However, the adoption of IFRS primarily relies on the market and environmental factors of the adopting country (uzma, 2016). This prevailing sitch forced the MCA to converge Indian GAAP standards with IFRS, later renamed as ‘Indian Accounting Standards’ (Ind AS), a replica of IFRS suitable for the Indian context. Apart from this, the need for IFRS compliance is the upshot of firm-specific factors such as firm size, financial performance, leverage, structural complexity, firm age, and ESG index (Bhatia et al., 2023). Consistent with the signaling, agency, and institutional theories, large and levered firms are inclined towards voluntary disclosure to signal high performance, reduce debt covenants, and enhance public relations (Bhatia et al., 2023; Nikhil etal., 2023; Saravanan & Firoz, 2022; Singh & Inder, 2017). Further, in line with the voluntary disclosure theory, old firms slave to entail easy interpretation of financial statements by reducing the information gap through additional disclosure of accounting and risk information (Bhatia & Tripathy, 2018). Moreover, to reduce the structural complexity and enhance the comparability of financial information, the positive and normative theories upheld the principle of a uniform accounting system (Deb et al., 2021). Besides, the astonishing surge in the usage of financial derivatives6 by Indian firms called for transparency of risk factors via high-quality disclosure norms (Kota & Charumathi, 2018). Consequently, Ind AS was introduced as a hook to strike this imbalance and attain FVA in the Indian economy (Pallisserry, 2012; Swamy & Vijayalakshmi, 2012). 14 N. M N ETAL. Flesch-Kincaid grade index. The results of the readability indices showed that the complexity of annual reports of Indian firms has increased in the post-IFRS period. Further, they argued that the length of the annual reports increased, particularly in the note section, followed by Management discussion and analysis (MD&A). This confirms that the IFRS convergence results in lengthier and complexity of financial statements. From a theoretical standpoint, the findings expand how management strategically manages disclosures to display their adherence to the requirements of Ind AS (Shruti & Thenmozhi, 2023). Later, circulating a structured questionnaire among 107 charted accountants and auditors Priya and Muthumeenakshi (2023) found that the global accounting convergence is accompanied by several challenges, including a lack of professional knowledge and training facilities. The study remarks that the lack of guidance to accountants, insufficient resources, high implementation costs, and communication lag with stakeholders deteriorate the quality of published annual reports and make Ind AS more complex and rigid. Another exploratory study by uzma (2023), collecting the responses of 22 accounting practitioners through a ‘localist approach of face-to-face interviews’, attempted to provide more detailed and in-depth insights into the challenges and costs of IFRS convergence. The study found that there is an urgent need to build an understanding of new accounting standards on account of perceived complexity and scope for judgement under Ind AS. Moreover, the lack of stringent enforcement mechanisms and vague coordination among multi-body regulatory institutions (MCA, Reserve Bank of India, Institute of Chartered Accountants of India, Insurance Regulatory and Development Authority) augment the complexities and unintended consequences of Ind AS. Nevertheless, it is important to note that the observed challenges and complexities indicate the ‘learning curve effect’ that is transpiring in the Indian setting (Bansal, 2023a; Saji, 2022). Through professional training and stringent enforcement mechanisms, the observed negative consequences diffuse over time and hence can be minimized. Thus, we seek policymakers and regulators to facilitate an efficient institutional system and mandatory auditing by Big-4 auditors to overcome these unintended consequences and to avoid the misinterpretation of new accounting standards. 3.2.4. Overall impact of Ind as on the firm performance The adoption of Ind AS causes significant changes in debt-to-equity components, asset valuation, and other items of the financial statements (Jain & Gupta, 2023). The enhanced reporting quality and value relevance of financial information provide valuable inputs to stakeholders. Further, the increased transparency boosts the confidence and morale of the shareholders (Nikhil et al., 2023). As a result, the Ind AS may affect the performance of firms (Nikhil etal., 2023). An alternative perspective suggests that the scope for subjectivity under Ind AS potentially reduces analyst’s ability to predict the true economic performance of firms (Adhikari et al., 2021; Shruti & Thenmozhi, 2023). Considering these facts, the ultimate impact on firm profitability becomes an interesting research question. Initially, Das (2015), considering the annual financial data of 5 listed firms (Wipro, Infosys, Rolta India, Noida Toll Bridge, and Great Eastern Electronics) for the financial year 2010-11, examined the impact of Ind AS on the performance of sample firms and concluded that there was no significant change. However, the study lacked robustness due to the short sample period, small sample, and poor econometric tool (ANOVA), which sabotaged the standard of findings. Later, Kumar and Agarwal (2020), employing the financial data of firms listed under the Nifty Metal index, investigated the influence of Ind AS on the financial performance dimensions (net profit, return on asset, return on equity, and return on capital employed). The results of the Wilcoxon Signed Rank test revealed that the adoption of Ind AS has some significant impact on the profitability of Metal firms. However, the Paired T-test claimed that there was no significant change in the profitability measures in the post-Ind AS regime (2016-17) compared to the GAAP era (2015-16). Nevertheless, it is important to note that the findings of the study could be biased and unreliable due to the short sample period and the non-parametric econometric models used in the study. Later, Maina et al. (2020), collecting 217 responses from top managers, auditors, and finance executives, found that IFRS convergence in India resulted in higher firm value, implying that harmonization of reporting practices would result in better performance. Likewise, Sharma and Gupta (2019), using the data of 29 companies of selected developed and developing countries, including India, examined the impact of IFRS convergence on the return on equity (ROE) of sample firms. The result of the random effect model concluded that the adoption of Ind AS shares a significant positive relationship with the ROE of Indian firms. Following this, Nikhil et al. (2023) investigated the impact of Ind AS implementation on the COGENT BuSINESS & MANAGEMENT 15 performance of 402 non-financial firms listed under the Nifty 500 index over a 10-year period, ranging from 2013 to 2022. The fixed effect model employed by the study uncovered that Ind AS increases the performance of Indian non-financial firms. The finding outlines that the changes in the recognition, measurement, and reporting of the financial items on account of IFRS convergence enhance the profitability of firms. Subsequently, to provide more robust evidence on the nature of the association between Ind AS and firm performance, Nikhil et al. (2023), in their second attempt, employed Generalized Methods of Moments (GMM) to examine the nexus between Ind AS and profitability of NSE 500 firms for a period spanning from 2013 to 2022. The regression result found that Ind AS shares a significant positive relationship with the profitability of Indian firms, outlining that the increased transparency under the Ind AS period enhances the performance of Indian firms. Overall, the increase in the firm performance could be attributable to the adoption of IFRS converged standards since it marks a significant regulatory change in the Indian setting (Almaqtari et al., 2020). Additionally, revamping the GAAP-based standards yields greater benefits, specifically in developing economies (Nikhil etal., 2023). The principle-based framework of Ind AS focuses on the presentation of financial instruments rather than preparation, and thus, investors easily access standardized and consistent financial information (Sharma & Gupta, 2019). under Ind AS, a few items like depreciation, norms of revenue recognition, classification of assets and liabilities, and borrowing cost calculations are done at fair value, which narrows the gap between book values and market values (Das, 2015; Saravanan et al., 2023). As a result, due to superior accounting treatments under Ind AS, the adoption of such standards enhances the information environment and value relevance of financial information (Kalra & Vardia, 2016). The increased value relevance of annual reports motivates investors to revise their investment decisions (Saji, 2022), which per se increases the profitability of firms (Nikhil et al., 2023). On the other hand, earnings manipulation does not result in the reversal of accruals or the compromise of future benefits. Accordingly, the operating profits merely shifted, keeping the net profits unaltered are less likely to be detected by stakeholders (Bansal, 2022b). Consequently, the inflated core earnings go unnoticed by stakeholders and systematically tend to have a domino effect on the value of firms. Besides, the reduction in the cost of capital and increase in market liquidity are deemed to provide better economic outcomes for the firms (Saravanan et al., 2023a; Saravanan & Firoz, 2022). In this background, the adoption of Ind AS is positively associated with the performance of Indian firms. However, due to the increase in earnings manipulation activities in the post-Ind AS period, we seek investors to exercise caution while making investment decisions. 4. Conclusions In the present research, we discuss the existing empirical literature and provide direction for future research on the consequences of IFRS convergence in India. Precisely, the present study, in light of the compulsory implementation of IFRS in 2016, investigates what factors determine the need for IFRS convergence and how the provision of such convergence impacts the reporting environment and value relevance of financial statements in the Indian economy. Further, the study also examines the negative consequences and challenges of mandatory adoption of Ind AS. Employing SPAR-4-SLR protocols, the study found that initially, the adoption of Ind AS was significantly driven by increasing international exposure and the urge to meet global standards vis-à-vis increased comparability of financial statements, quality of reports, and value relevance of accounting information. Eventually, the existing worldwide evidence for a reduction in the cost of capital and increased foreign capital flow expedites the need for IFRS convergence in India. Thus, the expected benefits in terms of enhanced cross-border activities, reduced borrowing costs, access to foreign direct investment, and increased comparability of annual reports with a better reporting environment were the key factors that compelled the MCA to switch from GAAP-based standards to IFRS-based standards. However, the unique market environment, cultural differences, and legal frameworks of India led to the convergence of accounting standards in lieu of the adoption of IFRS in its original form. The consequences of adopting Ind AS yield two main findings. First, there is conflicting evidence if the stated objectives of IFRS have been attained in the Indian setting. The empirical research on these consequences fails to conclusively show the evidence for increased accounting quality of the firms. 16 N. M N ETAL. Second, we find the negative impact of Ind AS in terms of the length and complexity of financial statements. It is found that in the Indian context, the principle-based standards affect the investors’ perceptions in different manners and are found to be driven by the firm’s financial and managerial objectives. The review found that IFRS convergence displays greater positive change in the net income and earnings per share as opposed to Indian GAAP standards. However, Ind AS withers the value relevance of financial statements, particularly book earnings and book equity. Although the relationship is inconclusive, the majority of the recent studies found the financial statements to be transparent and value-relevant in the post-convergence period. The enhanced transparency, reporting quality, and access to accounting information under the Ind AS period foster the trust and morale of the investors. As a result, the IFRS-based standards are found to share a significant positive association with firm performance, outlining that Ind AS enhances the performance of Indian firms. Apart from this, the synthesized literature confirms that the adoption of global standards, to some extent, reduces overall borrowing costs while increasing the market liquidity for Indian firms. This prevailing situation acts as a boon and thus aids firm performance. However, the observed benefits come with some important caveats: First, from the earnings manipulation perspective, the review found that the firms that disclosed financial statements as per Ind AS standards tend to engage more in income and expense misclassification to inflate the core performance of the firms, indicating the unintended consequences of the IFRS foundation. Thus, the adoption of Ind AS adversely affects the level of perk consumption and managerial discretionary activities in the Indian setting. This increase in the opportunistic behavior of managers highlights the dark side of enforcement mechanisms, lack of infrastructural facilities, insufficient monitoring by regulatory bodies, and flexibility under principle-based standards to modify the accounting information. Second, the convergence of IFRS in India has elevated complexities in terms of the interpretation of financial statements. The annual reports have become lengthier. Subsequently, the adoption of Ind AS calls for training and auditing, which per se may increase the costs and wither the performance of firms. Finally, these unintended and intended consequences of new accounting standards are further subject to firms’ integrity and honesty while disclosing the information to outsiders. The Ind AS provides scope for the manipulation of accounting treatments in accordance with the management’s needs. On the other side, these inflated earnings often go unnoticed by stakeholders, and investors interpret the reported numbers based on their understanding level, which hinders the informed decision-making process. Thus, it can be concluded that the benefits and cons of Ind AS in India completely rely on the reporting incentives of the management and corporate governance norms within the companies. The present research contributes to the accounting literature and the finance domain in several ways. First, we review the determinants and consequences of mandatory IFRS convergence from an emerging market perspective. The authors believe that this is the first study in the Indian context that provides a state-of-the-art summary of antecedents and consequences of IFRS convergence. Second, we provide suggestions for the enhancement of applied research designs to improve the inferences of our findings. Third, the findings of our research guide as a framework for countries that are planning to converge with IFRS in the near future. Finally, we identify the negative consequences of Ind AS adoption as fruitful avenues for further studies. Apart from this, the study’s findings offer certain policy measures and practical implications. The significant increase in discretionary activities on account of Ind AS suggests that the regulators must frame stringent accounting practices to restrict perk consumption. The study’s findings imply that the level of enforcement mechanisms plays a major role in the benefits realized from international standards. Thus, we urge policymakers to strengthen external factors such as institutional bodies and enforcement mechanisms and provide special attention to legal and infrastructural factors to promote a healthy environment and maximum benefits. In addition to this, the company’s corporate governance (internal factor) contributes significantly to enhancing the reporting efficiency of firms while minimizing the opportunistic behavior of managers. Thus, we suggest that Indian companies should improve the level of corporate governance, and the regulators must impose mandatory auditing of the financial statements by Big-4 auditors to witness the increased financial reporting quality. Overall, government and regulatory bodies must overcome the challenges of Ind AS by implementing stringent provisions that disallow the company’s malpractices in terms of expense and revenue shifting or any other form of unethical behaviours and foster informed decision-making among Indian investors. COGENT BuSINESS & MANAGEMENT 17 4.1. Limitations and future research The present research has few limitations and provides scope for further empirical research. First, the study has focused only on the IFRS convergence in the Indian setting and excludes other emerging nations. Future work could be extended by examining jurisdictions of varied contextual backgrounds that currently have reporting standards other than IFRS. Further, having focused on open-access and freely available papers, the pertinent closed-access research work might have been missed. Second, most of the studies have focused on the linear impact of IFRS convergence, while the asymmetric impact has been least addressed. Since the level of corporate governance, borrowing capacity, and internal policies vary between large and small-sized firms, examining the non-linear relationship probes an interesting research question. Further, empirical evidence on sectoral comparison is expected to yield interesting findings. Third, there is wide leeway for further research in Small and Medium Enterprises (SMEs) and banking firms. The existing Indian studies have predominantly focused on non-banking and large firms. The mandatory phase for banking and insurance companies is expected to begin in the years to come. Further, the SMEs form an important part of the economy. Hence, they form an important part of the study’s sample, left for future research endeavours. Fourth, regarding inflated earnings, it is found that firms prefer a form of shifting (income vs expense) based on ease and benefits. Thus, future studies may focus on factors contributing to earnings shifting and instances that incentivize firms to prefer one form over another. Finally, the endogeneity issue is the most ignored econometric problem. Hence, further exploration of this domain could be curated with advanced research methods and tools. Notes 1. Refer to World Classification by the World Bank [Link: https://blogs.worldbank.org/en/opendata/world-ban k-country-classifications-by-income-level-for-2024-2025]. 2. Refer to the official website of IFRS to read more on “How IASB works with regulators” [Link: https://www.ifrs. org/regulators/#how-we-work-with-regulators]. 3. Refer to the article “Ind AS roadmap” for four phases of Ind AS applicability [Link: https://www.pwc.in/services/ ifrs/ifrs-in-india_roadmap.html]. 4. A minimum of 40 articles in the domain represents the maturity of the domain chosen for SLR (Paul et al., 2021). 5. Why global accounting standards [Link: https://www.ifrs.org/use-around-the-world/why-global-accountingstandards/]. 6. NSE emerged as the largest derivative exchange in 2020 [Link: https://www.nseindia.com/nse-is-now-world s-largest-derivatives-exchange] and continues its legacy in 2023 [Link: https://economictimes.indiatimes.com/ markets/stocks/news/nse-worlds-largest-derivatives-exchange-for-fifth-year-in-a-row-third-in-equity/ articleshow/106964373.cms?from=mdr]. 7. The difference between IFRS and Ind AS can be accessed from the reports of Deloitte [Link: https://www2. deloitte.com/in/en/pages/audit/articles/india-gaap-ifrs-and-ind-as-a-comparison.html]. Acknowledgement The authors would like to express sincere gratitude to the anonymous reviewers and the editor for their valuable feedback and constructive comments, which significantly contributed to improving the quality and clarity of this manuscript. Authors contributions Nikhil M N: Conceptualization, Writing the original draft, Methodology, and formal analysis. Sandeep S. Shenoy: Review, Supervision, Editing the manuscript. Suman Chakraborty: Review, Supervision, Editing the manuscript. Abhilash: Editing the manuscript. After reading the final version of the manuscript, the authors have approved it for submission. All the authors agree to be accountable for all aspects of the work. Disclosure statement No potential conflict of interest was reported by the authors. 18 N. M N ETAL. Funding The MAHE-Taylor & Francis Agreement covers open-access publication. The authors declare that no funds, grants, or other support were received during the preparation of this manuscript. About the authors Nikhil M N is currently pursuing Ph.D. from the Department of Commerce, Manipal Academy of Education, Karnataka, India. Nikhil’s area of research includes corporate finance, financial market and Indian accounting standards. He has published papers in Scopus and ABDC-listed journals. Sandeep S. Shenoy works as a Professor at the Department of commerce and holds the position of Director of compliance at Manipal academy of Higher education, Manipal, Karnataka, India. His interests focus on entrepreneurship, Sustainability, Behavioural, and applied Finance. He has authored many articles in reputed journals in these and related areas. Suman Chakraborty is working as Professor and Associate dean at Narsee Monjee Institute of Management Studies, Indore, Madhya Pradesh, India. His research areas are Corporate Finance, Financial Markets, and Business Valuation. Abhilash is a Senior Research Fellow at the Department of Commerce, Manipal Academy of Higher Education, Manipal, Karnataka, India. He has published papers in Scopus and ABDC-listed journals. His area of research includes Finance, Sustainability, and Corporate Governance. His current research focus is in the area of Green Bonds and Sustainability. 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