Abstract : In today's globalized business environment, the need for consistent and comparable financial information has become paramount. International Financial Reporting Standards (IFRS) offer a potential solution, aiming to create a single set of accounting standards for multinational companies. This paper explores the potential benefits and challenges associated with IFRS adoption.It provides a comprehensive analysis of the implications for various stakeholders, including companies, investors, regulators, and accounting professionals. The paper also highlights the steps taken by India towards IFRS convergence and evaluates the experiences of companies that have implemented these standards.