Accounting Standards are the principles that govern and conceptualize accounting practices. They work as a benchmark in the accounting field. Accounting standards are also known as generally accepted accounting principle (GAAP). It is used to measure the impact of accounting transactions and event. it provides the standardized treatment of each and every transaction. Every country has its own sets of accounting standards called (GAAP), because of this, the financial statements of one company cannot be compared with another company. So the regulating bodies felt a need for common accounting standards which is globally accepted. International Financial Reporting Standards (IFRS) are the international accounting standards in which financial reporting is done. IFRS is more transparent, reliable and providesuniformity among the different countries in terms of financial reporting. The responsibility for developing IFRS is on international accounting standard board (IASB),which is an independent, not for profit organization previously known as an international accounting standard committee(IASC). Now the cross-border transactions can be easily done just because of uniformity in the accounting standards. It will help to attract the foreign investor to invest in that country who has adopted IFRS or in the process of adopting IFRS. In India, the institute of chartered accountant of India (ICAI)has taken the responsibility to converge IFRS.On 16-February 2015 Ministry of corporate affairs (MCA) has issued the notification to implement IND-AS in India for the listed, unlisted, banking, NBFC, insurancecompanies. The converged form of IFRS in India is known as IND-AS. This paper will highlight the introduction, approaches, roadmap of implementation of IFRS, benefits, and challenges of adoption of IFRS in India.

KEYWORDS: Globalization, international accounting standards, financial statements.