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Benefits of IFRS.
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Benefits of IFRS:

IFRS are very useful for business enterprises carrying on business worldwide. In addition to the enterprises operating globally, IFRS is helpful to investors, industry and accounting professionals in the following way:

(1) Helpful to Enterprises Operating Globally: Entities having business operations in different countries will face problems of consolidation of financial statements if they prepare their financial statements according to the standards prevailing in different countries. IFRS unify the accounting practices worldwide as a result of which the problem of consolidation is avoided.

(ii) Helpful to Investors Investors require high quality, relevant, reliable, transparent and comparable information in financial statements in order to make economic decisions. The use of common set of high quality accounting standards i.e., IFRS would be helpful to investors in comparison to financial statements prepared under different accounting standards adopted by different countries.

(iii) Helpful to Industry: Obtaining funds from outside the country becomes easier if the financial statements comply with Globally accepted accounting standards. Now a days most of the stock exchanges require information as per IFRS and Convergence to IFRS would enable Indian Companies to access international capital market easily.

(iv) Lower Cost of Raising Funds Abroad: Cost of raising funds abroad can be minimized under IFRS as there will be no need to prepare two sets of financial statements- one set on the basis of IFRS and another on the basis of accounting standards.