Last decade has seen different changes to do business in the world. There has been a lot of change in the process of financial reporting of business activities. It started in 2005 when the EU compulsive in relevant consumption of financial reports in the conclusion of the International Financial Reporting Standards (IFRS) starting from January 01, 2005 for public business. Earlier, from the latter of the 1990s, there were companies of European and Asian countries, international accounting standards (IAS) are allowed to be used as the option of their respective domestic accounting standards. But IFRS was firstly adopted by the European Union in 2005. Other countries with developed capital markets have adopted IFRS for reporting purposes or in the process of adopting. The International Financial Accounting Standard (IFRS), which was known as the first international accounting standard (IAS), there are standard, interpretation and outline for the preparation and presentation of financial statements adopted by the International Accounting Board (IASB). IAS was released by the Board of Internal Accounting Standards Committee (IASC) in 1973 and 2001. On April 1, 2001, the new IASB took responsibility for establishing international accounting standard from IASC. Since then, it has been continued to develop standards which are called new standard IFRS. One of the most important requirements to successfully operate a business is to be of a good financial reporting system. Keeping this in mind, during the last decade, accounting professionals and accounting bodies around the world had tried to establish a financial reporting system, which is harmonious, strong and wide applicability. IASB (formerly IASC) came with IFRS, which was formally adopted by the European Union members in 2005. In the later years, many other countries adopted the IFRS or changed to the IFRS. An upcoming economy on the World Economic map, India also decided to converge to IFRS. This study tries to analyze the information available on the process of adopting IFRS in India. It also discusses the process of adopting IRRS in India and adopts the IFRS in the utility of India. Paper discusses problems in front of stakeholders (regulators, accountants, firms etc.) in the process of adopting IFRS in India. In the conclusion part, the paper brings the methods through which these problems can be resolved through.

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Keywords: Reporting, Standards, Harmonized, Professional, Information, Adoption, Stakeholders.