The main objective of corporate reporting is to provide information on the financial aspects of a company. With the establishment of multinational corporations in various countries, the role of corporate reporting has become much important. The investors are most important stakeholders who are interested to know regarding the performance of an entity and are keen to learn through the annual reports every year. But in case of foreign investors it would not be easy for them to understand the financial statements prepared by following the local accounting standards. Therefore, it is necessary to practice uniform accounting standards world-wide. The International Financial Reporting Standards (IFRS) are a set of accounting standards that help the investors globally to understand the financial statements prepared by a company. At present more than hundred countries around the world are following IFRS. In India, some companies which have global presence in the stock markets have adopted IFRS voluntarily and followed dual reporting before the IFRS were made mandatory. The Pharmaceutical Industry in India is the world's third-largest in terms of volume and continues to play a quantifiable role in manufacturing various critical, high quality and low‐cost medicines for Indian as well as global markets. This paper tries to study the benefits of IFRS adoption and examine the impact of IFRS adoption on various components of balance sheet of Glenmark Pharmaceuticals Limited through Gray Index of Conservatism.

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Keywords: IFRS, Gray Index of Conservatism, Optimism, Fair Value.