The Indian Accounting Standards aims to enhance transparency, comparability, and global acceptability of financial statements, its implementation poses considerable challenges, particularly for Small and Medium Enterprises (SMEs). Indian SMEs play a vital role in economic growth, employment generation, and industrial development; however, limited resources, lack of technical expertise, and compliance costs make Indian Accounting Standards adoption complex for this sector. This study explores the implementation challenges of Indian Accounting Standards (Indian Accounting Standards) among Small and Medium Enterprises (SMEs) in India. With the phased convergence of Indian GAAP to Indian Accounting Standards, financial reporting norms have become more complex, especially for SMEs with limited resources, regulatory experience, and accounting expertise. Findings reveal significant obstacles in terms of technical complexity, lack of trained personnel, cost burden, system readiness, and understanding of fair value measurement. The paper contributes to accounting research by highlighting the unique compliance landscape for SMEs and proposing a framework for smoother implementation of Indian Accounting Standards.