In the present era of globalization, more than 3600 multinational companies are establishing their businesses in the different sectors in India. These Indian business firms are presenting financial statements as per IFRSs, Indian GAAPs, USGAAPs, Japan GAAP, etc., With a view to avoid this kind of inconvenience, the accounting bodies across the world are working towards a standard set of accounting policies, valuation norms and disclosure requirements. In this scenario there is a requirement of transition from Indian GAAP to IFRS for India in all the sectors. An upcoming economy on world economic map, India, too, decided to converge with IFRS by developing a standard called Ind AS. The purpose of the present paper is to know the awareness of stakeholders towards the implementation of IFRS in India and to know the impact of IFRS Convergence on Different Sectors. The researcher found that the different ways of understanding about IFRS and the results shows that there is a high requirement of knowledge as well as training towards IFRS and also results shows that a Lot of positive response from the different sectors towards the implementation process.

KEYWORDS: IFRS, Uniform Accounting Standards, Financial.