The article discusses how global business transactions have led to the need for a common financial reporting language, known as International Financial Reporting Standards (IFRS). IFRS aims to make financial reports of companies understandable and comparable worldwide. The paper focuses on the shift from national to international accounting standards, particularly in India with the introduction of Ind AS. It also explores the benefits and challenges of this convergence process. Overall, the use of IFRS promotes consistency in financial reporting across countries, making it easier to analyze and compare the financial performance of businesses globally.