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Understanding the Conceptual Accounting Framework of Derivatives in BRICS Nations for International Business

Vol 10 , Issue 1 , January - June 2023 | Pages: 127-140 | Research Paper  

 
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https://doi.org/10.17492/jpi.focus.v10i1.1012307


Author Details ( * ) denotes Corresponding author

1. * Preetham D., Assistant Professor, Commerce, Maharani's Women's Commerce and Management College, University of Mysore, Mysore , Karnataka, India (devpreethamd@gmail.com)

A prominent player in global development platforms is the group of leading emerging economies known as the BRICS that includes South Africa, Brazil, Russia, India, and China This study evaluates the current derivatives accounting rules and laws in BRICS countries The existing conceptual accounting framework and regulations in all of the BRICS nations are described in four sections: the existing accounting standard board, the regulatory agency or board, the current IFRS status in the nation, and the accounting standards released for derivatives accounting. The analysis indicates that the converged IFRS standards have been implemented by China and India. Firms conducting business in BRICS nations need to disclose financial accounts in accordance with IFRS standards. However, some financial industry organizations, such as banks and financial institutions, are given special consideration while adopting IFRS standards.

Keywords

Derivatives; BRICS; Accounting; Regulations; Nations

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