The article discusses the challenges of implementing international accounting standards (IFRS) in India due to differences in existing accounting rules. IFRS aims to create a single, clear set of accounting standards for all countries to improve transparency and understanding in financial reporting. The study collected data from Chartered Accountants in Mumbai to assess their acceptance of IFRS. The findings show that there is a growing need for a globally accepted financial reporting system as businesses become more globalized and capital markets integrate worldwide.