In the present era of liberalization and globalization, the world has become an economic village.  The development of e-commerce makes it imperative to have a single globally accepted financial accounting system. Many multinational companies are establishing their business in various countries in emerging economics and vice versa. The entities emerging economics are increasingly accessing the global markets to fulfill their capital needs by making their securities listed on the stock – exchanges outside their countries. The use of different accounting frameworks in different countries, chichi require in consistent treatment and presentation of same underlying accounting transaction creates confusion for users of financial statement. This confusion leads to inefficiency in capital markets across the world. Thus, the care for a single set of globally accepted accounting standards has adopted by many countries to pursue convergence of national accounting standards with IFRS. This research paper makes a critical appraisal of contemporary amalgamation literature and examines the applicable paragraphs of IFRS.