To improve the Present Accounting and Reporting Methods to fulfill the facts required to stakeholders highly Active and Proven IFRS is converged and applicable in India. As the Convergence of Accounting policy has gained momentum in the current scenario at global level, ICAI has made it mandatory for Indian Companies to adopt IFRS in two stages and in the given time period i.e., from 1st April, 2016 and 1st April, 2017. Our research paper presents information on IFRS standards, its implementation in banking sector, insurance companies and NBFC’s. Voluntary adoption of IFRS converged Ind. AS, Mandatory applicability and new measurement method after IFRS adoption and finally comment upon the convergence and its impact over Indian industries.
KEYWORDS: Convergence, IAS, IFRS, AS, IASC, NBFC’s, ICAI, FDI, MNC, GAAP.
