Refer to the Chapter Opener on the outsourcing potential. Briefly comment on the question related to IFRS-convergence in India and its implications on this potential? If you were part of the regulatory set up – what would you do with respect to IFRS implementation in India? Discuss.

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K Accounting Services Outsourcing Market Is In Trillions! In 2011, a report by the global consulting and research firm Everest Group had predicted that India's global business process outsourcing (BPO) in the accounting-cum-financial services market has the potential to grow beyond 11.5 lakh crores, i.e., above one trillion rupees. In 2016, the question that comes to human mind is - over the past five years, did the actual business scenario for accounting outsourcing playout in such a way? Incredible as it may sound. Nevertheless, the answer is a firm YES! "India continues to play an (increasingly) key role in the financial services BPO space and offers attractive arbitrage opportunities compared to onshore locations in the U.S., U.K. and Europe," said Everest Group partner Vikash Jain.