Globalization Has Laiddown a Way For All the Countries to Adopt a Single Set of Accounting Standards.More Than 100 Countries Have Converged or Recognized the Police of Convergencewith the Ifrs. With the Growth of Indian Economy and Increasing Integrationwith the Foreign Economy, Indian Corporate Is Raising Capital Internationally.Under the Circumstances, It Would Be Important For Corporate Leaders to Acceptifrs For Their Financial Reporting. Ifrs Are the Globally Accepted Accountingstandards and Interpretations Adopted By the Iasb. the Ministry of Corporateaffairs Has Converged Indian Gaap With Ifrs In Phase Wise, First Phase on 1Stapril 2011. the Convergence With Ifrs Stand Is Set to Convert the Scenery Forfinancial Reporting In India. the Paper Tries to Explain the Present Status Ofifrs and Its Challenges and Advantages In the Indian Scenario. This Paper Willhelp In the Better Understanding of This New Language of Financial Reporting.