http://management.eurekajournals.com/index.php/IJEFRA <p style="text-align: justify;">International Journal of Economics &amp; Finance Research &amp; Applications&nbsp;(IJEFRA)&nbsp;is a scholarly peer review, refereed journal, which is an attempt of Eureka Group of Journals to bridge the gap between "Campuses and Corporate" by including both academic research activities as well as the innovation done on industries and corporate professionals.&nbsp;IJEFRA provides a platform for the researchers, academicians, professional, practitioners and students to impart and share knowledge in the form of high quality empirical and theoretical research papers, case studies, literature reviews and book reviews. The journal focuses on a fast peer review process of submitted papers to ensure accuracy, relevance of articles and originality of papers.</p> Eureka Journals en-US International Journal of Economics & Finance Research & Applications [ISSN: 2581-4249 (online)] 2581-4249 http://management.eurekajournals.com/index.php/IJEFRA/article/view/882 <p>The aim of this paper is to shed light on three upheavals, all intellectual issues related to the emergence and modernization of contemporary Asia, and first of all India and China. Asia's entry into the global economic system as a whole represents a multidimensional economic upheaval. By "symmetrizing" the location of goods production and world consumption, it brings the world out of the long "two-centuries parenthesis" introduced by the Industrial Revolution in England and, in doing so, "symmetrizes" also the question of overall sustainability. The relevant scale is actually the "integrated Asian production system" that is gradually being implemented. The state and industrial modernization of contemporary Asian societies offers the possibility of a full take-up of these economies, provided that internal normalization of access to the necessary economic and social capabilities recovers. As a direct consequence in the context of sustainable development, this development requires thinking about economic and environmental issues in a symmetrical way, rather than incrementally: the emergence of China and India as developed economies has required the development of the methods will need to be reviewed.</p> Dr. Ajay Krishna Tiwari 8 1 http://management.eurekajournals.com/index.php/IJEFRA/article/view/884 <p>This paper reviews existing literature in the field of value relevance in the context of new accounting standards i.e International Financial Reporting Standards both before and after introduction. The theory of value relevance research and contextual argument of the proposed impact of IFRS on accounting numbers has been discussed. The review suggests that there is no consensus in the existing literature regarding impact of IFRS on value relevance of accounting figures. The research identifies gaps in existing literature and concludes with scope of future research in this field.</p> Dr. Saumya Jain Dr. Harendra Nath Tiwari 8 1