The two countries chosen for the purpose of the comparison of their commitment

to global financial reporting standards are India and New Zealand.

Both the countries have made public commitment with respect to moving
towards a single set of high quality global financial standards and also with
respect to adoption to IFRS. However, the commitment towards the adoption of
IFRS by both the countries has been implemented partially.
India has tried to fulfil this commitment to some extent, by giving due
consideration to and integrating the International accounting standards and
Internal Financial Reporting Standards (IFRSs) issued by IASB in the formulation
of Indian Accounting standards. The New Zealand, on the other hand, has moved
towards the adoption of IFRS by making it mandatory for all of its For-Profit
entities to adopt and implement the New Zealand equivalents to Internal
Financial Reporting Standards (NZ-IFRS).
India has not adopted IFRS but Indian Accounting Standards termed as Ind AS
that are based on and substantially converged with IFRS Standards as issued by
the IASB. An appendix to each of such Ind AS explains the major differences
between the Indian Accounting Standard (Ind AS) and the corresponding IFRS
Standard.
New Zealand has fully adopted New Zealand equivalents to International
Financial Reporting Standards (NZ-IFRS) for all of its for-profit entities that have
public accountability and for all large for-profit public sector entities. NZ-IFRS are
identical to IFRS Standards as issued by the IASB Board with three additional
New Zealand-specific standards. If other for-profit entities are required by law to
prepare generally accepted accounting practice (GAAP) financial reports, GAAP in
this instance is IFRS Standards with reduced disclosure concessions under New
Zealands reduced disclosure regime (NZIFRS-RDR).