This paper is an attempt to describe the initiatives taken by India for convergence to International financial reporting standards (IFRS) and its deviation from IFRS. It also explain the need of convergence, from AS to Ind AS. Though all the ingredients of IFRS have not been taken in the Ind AS, but still it is a step forward towards IFRS. Difference between IFRS and Ind AS has been discussed for Carve out from IFRS in the relevant Ind AS’s and other major changes as notified by Ministry of corporate affairs (MCA). IFRS significance and objectives has also been explained along with Challenges in IFRS beyond Accounting and Financial Reporting in Indian perspective i.e. Human resources, Information System, Internal Control, Amendment of Laws and Auditability of fair value measurements. A brief discussion of challenges to be faced by banks in implementing Ind AS especially Ind AS 9 is given.