The adoption and effect of International Financial Reporting Standards (IFRS) in India's business sector are the primary foci of this paper's examination of current changes in accounting procedures. Adopting IFRS is now a must for Indian enterprises looking to improve financial reporting credibility, comparability, and transparency in light of rising cross-border investments and globalisation. At the outset, the article surveys the development of Indian accounting rules, focusing on the change from Indian GAAP to IFRS convergence. It delves into the importance of IFRS adoption in bringing Indian accounting procedures in line with international norms, opening up access to global financial markets, and luring foreign investors.