IFRS convergence in India: glimpses of the two-way interactive dynamics of the decision-making process

This study focuses on examining the initiation and development of the IFRS convergence decision in India. It provides glimpses of the chaotic routes through which the idea of convergence traversed during the decision-making process. The study highlights some key examples of events from the decision-making arena to demonstrate the variety of influences that shape convergence decision at multiple levels. It draws on the concept of recursivity to analyse the actors, their interests in the convergence decision and the means through which they exert influences. The study finds that while global actors are significant in their role as initiators/drivers of the convergence decision in countries moving towards IFRS convergence, their role is complemented or in some cases contradicted by national actors who play an equally important role in determining the final terms of convergence. Negotiations in the form of recursive interactions between global actors and national forces of different countries moving towards convergence contribute to the kaleidoscope that constitutes the modern and global accounting regulatory space.