What are the hurdles and impediments in fully converging with IFRS?

In my opinion for converging with IFRS, there will be a need for a change in several laws and regulations governing financial accounting and reporting in India. Few examples like, the classification and accounting treatment for redeemable preference shares as equity instruments of a company will be considered as financial liability under IFRS and the format for presentation of financial statements for Indian companies are significantly different under IFRS. Similarly, the Reserve Bank of India regulates the financial reporting for banks and other financial institutions, including the presentation format and accounting treatment for certain types of transactions. So many things has to be considered while converging with IFRS.

Major hurdle is lack of adequate professionals with practical IFRS conversion experience and therefore many companies will have to rely on external advisers and their auditors. It should be noted that IFRS conversion will involve a fundamental change to an entity’s financial reporting systems and processes. It will require a detailed knowledge of the standards and the ability to consider their impact on business transactions and performance measures.

The first question do the corporates really want to change? They many not like it because, the chances of window dressing will be reduced. The other major thing is does the government has the will to amend all the laws ?

there should be a global accounting policies and principles,this will unify accounting system, operation and standards globally.