Greater openness, comparability, and conformity with worldwide accounting standards have resulted from the implementation of International Financial Reporting Standards (IFRS), which have had a profound impact on the financial reporting environment of Indian enterprises. In this article, we take a look at how the adoption of IFRS has altered financial statements and ratios used by Indian businesses, after they switched from using Indian GAAP to IFRS. Revenue recognition, asset valuation, and financial disclosures are three of the most important areas undergoing transition, as shown by a comprehensive evaluation of empirical studies, regulatory reports, and industry analysis. Financial parameters including profitability, liquidity, and solvency are examined in the research to provide light on the pros and cons that Indian firms faced when they adopted IFRS. The purpose of this paper is to help readers better understand the harmonisation process, the consequences on business financial performance, investor decision-making, and regulatory compliance by evaluating the overall impact of IFRS on Indian financial reporting. If India wants to reap the advantages of international financial reporting standards, its implementation techniques must be continuously refined and adjusted, according to the research.