New Accounting Standard to build trust

Come 1st April 2011, the Indian corporate world would move over to International Financial Reporting Standards (IFRS). Many European nations have already migrated to the new system and US too is working out modalities to converge GAAP into IFRS.
The SMEs in India however have been exempted from adopting IFRS because of the huge cost involved in migrating to the new system, the corporates can benefit especially those wooing foreign investors and seeking capital from abroad.
One of the fundamental impact of implementation of IFRS in India, according to experts, is the restoration of trust in companies' financial statements amongst investors and other stakeholders. Looking at the Satyam episode and various other financial irregularities, indeed the greatest challenge before the corporates is to come clean and be transparent in their financial reportings to their stakeholders.
It augurs well for the Indian investors and shareholders but the challenge for PR practitioners in the corporate sectors would be to educate and inform them about the changes and what changes it entails in terms of reporting.