A single set of accounting standards would enable international auditing firms to standardise training and assure better quality of their work on a global scale. It would also permit international capital to flwo more freely, enabling auditing firms and their clients to develop consistent global practice on accounting problems. It would be beneficial to regulators too, as the complexity associated with needing to understand various reporting regimes would be reduced.
There is immense opportunity in the realm of financial accounting as well. Foreign investors are more likely to invest in firms whose accounting is similar to accounting of India of the investors. This will benefit not only indian businesses and capital markets but also increase professional opportunities for indian accountants once accounting in India is identical to that in Western Europe, which adopted IFRS in 2005.