In the present era of globalization, the world has become an economic village. The globalization of the business world as well as the development of e-commerce creates the necessity of global accounting language. A number of multi-national companies are establishing their businesses in various countries with emerging economies. Different accounting framework and guidelines for different countries has created confusion for users of financial statements. Thus, this conceptual paper supports the case for a single set of globally accepted accounting standards. India, being an emerging economy calls for convergence of Indian accounting standards with International Financial Reporting Standards. An attempt has been made to assess the challenges and opportunities entrusted with IFRS convergence. Comparison of Indian Accounting Standards and IFRS has been done to estimate the quantum of effort required in convergence process.