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Abstract
Globalization has laid down a path for all the countries to adopt a single set of accounting standards. In the recent year’s continuous adoption of IFRS worldwide has become very popular due which financial reporting has seen many changes. Around the world more than hundred nations have either converged or adopted to IFRS. IFRS are single set of high quality, understandable and enforceable global accounting standards that need high quality, transparent and comparable data in financial statements and other financial reporting to help the stakeholders around the globe to make economic decisions. India has decided to converge to IFRS as it is an upcoming economy in the world and is insisting on cross border trade.Ind AS are issued under the supervision of Accounting Standards Board (ASB). ASB declared that all the Indian companies should follow Ind-AS either voluntarily or mandatorily.