ABSTRACT A financial reporting system supported by strong governance, high quality standards and firm regulatory framework is the key to the economic development. Indeed, sound financial reporting standards underline the trust that investors place in financial reporting information and thus play an important role in contributing to the economic development of a country. However, with the fast changing economy, liberalization, increasing foreign investment in the country, it has become now necessary for India to comply with International Financial Reporting Standards (IFRS). Though there will be an adoption of IFRS in a phased manner and the process of implementation is not as smooth and easy as it appears. Therefore, this paper attempts to find out up to what extent IFRS has been adopted by the organizations, what is the approach for achieving convergence with IFRSS, what challenges and opportunities companies are facing in the implementation of IFRSS and what are the benefits of achieving convergence with IFRSS. Apart from that, this paper also highlights the some of the key differences between IFRS and Indian GAAP.