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Abstract
International Financial Reporting Standards (IFRS) is an accounting rule or procedure employed for an accountable entity and designed and delivered by International Standard Accounting Board (ISAB) to make a universal business language for all business. In order to use IFRS, all the company reports, financial statements, invoices have to experience a momentous change that will create a heavy impact among the users and investors. The government laws and IFRS laws are not similar in which they pose a challenge of variations. IFRS consolidation will also affect the tax liabilities. Even though it faces a lot of obstacles in before, after and in the current period of implementation, these will surely provide positive results for the companies. In India, many companies are providing their financial report as per US GAAP or IFRS which makes the future report tough to compare. Domestic companies are not yet fully committed to IFRS rule and regulations.