In India, accounting standards are formulated by the ASB which was set up by the Institute of Chartered Accountants of India (ICAI) in the year 1977. The ASB formulates accounting standards by considering international accounting standards (IFRS) and try to integrate them in the light of conditions, laws, customs, usages, business conditions prevailing in India. India has its own GAAP, but due to the need to have global accounting standards, India has formulated new set of standards called, IND AS. There is a complete roadmap for implementation of such standards. There are various benefits of following such global accounting standards. But there are various challenges in its implementation. Therefore, convergence of IFRS requires commitment from various stakeholders such as accountant professional, academicians, company accountants and audit firm and national regulators to overcome the challenges and promote international.