Convergence to IFRS in India: Opportunities and Challenges

International Financial Reporting standards (IFRS) refer to the global language of accounting standard. It is a single set of accounting standards issued by IASB (International Accounting Standard Board) so that corporate accounts are understandable and comparable across the world. Around 150 countries have converged IFRS. India also decided to converge to IFRS through implementation of 39 Indian Accounting Standards (Ind AS) that improves level of foreign investments. The main objectives of IFRS are to maintain uniformity in financial reporting, to prevent manipulation in financial statements, to ensure reliability and high quality financial reporting, to compare the performance of domestic companies with the international peers, to bring equality among the countries in respect of financial reporting. This paper focuses on the convergence of IFRS with Ind AS, its application, opportunities and challenges faced by various stakeholders. Considering this, secondary data is collected through articles, journals, published books, web sites etc.