Convergence with IFRS: Benefits and Challenges

International Financial Reporting Standards (IFRS) previously known as International Accounting Standards (IAS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). IASB adopted IAS in April 2001, and renamed it as IFRS. IFRS are 'principle-based' standards rather than 'rule-based' standards that are currently followed. The Indian companies have to shape up their models and strategies in order to comply with the IFRS roadmap. This research paper attempts to highlight the benefits, challenges current preparation for convergence to IFRS. India will enjoy numerous benefits by joining the ranks of a 100-plus group of nations that have successfully implemented IFRS like the European Union, Australia, Singapore, Sri Lanka and others.