IFRS Convergence in India: A Study of Indian Accounting Standards, Challenges, and Future Prospects

In the era of globalization, the demand for transparent, reliable, and comparable financial reporting has increased significantly. Differences in accounting practices among countries often create difficulties for investors, multinational corporations, and regulators in comparing financial statements across borders. To address these challenges, the International Accounting Standards Board (IASB) introduced the International Financial Reporting Standards (IFRS), a globally accepted framework for financial reporting. India, as one of the fastest-growing economies, has taken significant steps toward convergence with IFRS through the introduction of Indian Accounting Standards (IND AS). This paper examines the concept of IFRS convergence in India, the role of the IASB and the Ministry of Corporate Affairs (MCA), and the evolution of Indian Accounting Standards. The study also analyzes the implementation roadmap of IND AS, the benefits arising from convergence, and the practical challenges faced by Indian companies during the transition process. The paper is descriptive in nature and is based on secondary data collected from books, journals, reports, and official websites. The study concludes that although IFRS convergence poses several operational, technical, and regulatory challenges, it has strengthened the credibility and global acceptance of Indian financial reporting. Successful implementation of IFRS-converged standards can improve transparency, attract foreign investment, and enhance the international competitiveness of Indian businesses.