International Financial Reporting Standards (IFRS) is a set of high quality and globally acceptable financial reporting standards developed by the International Accounting Standards Board (IASB) in 2001. At present, Indian companies are preparing their financial statements as per generally accepted accounting principles which are based on IFRS. However these principles were modified substantially as per Indian laws and practices. This study provide an overview of the role and current status of IFRS in India and the benefits and challenges of convergence of IFRS in India.