Laws Relating to Financial Reporting of Companies: A Comparative Study Between India and U.S.A

World is a global village post the implication of Liberalisation, Privatisation and globalisation. With the aim of having common global business language, International Financial Reporting system (IFRS) got crafted. The Ind AS got revised by the Ministry of Corporate Affairs in line with IFRS. Generally Accepted Accounting Principles (GAAP) and IFRS, are adhered by the U.S companies. To enforce compliance and accountability, the Securities and Exchange Commission enforces compliance to the rules. Long term success is attracted by the companies that prioritize financial reporting and compliance. These compliances in addition to mitigate risk also promotes corporate governance. This Paper analyses the concept of financial reporting of the companies. The future development in financial reporting through implication of integrated reporting is also dealt. As this paper involves a comparative study it draws the differences and similarities in financial reporting practices of India and U.S.A. The financial reports beside fulfilling regulatory obligation also encourage various stakeholders to make informed decision based on the report.