More than 3600 multinational businesses are establishing operations in India's diverse industries in the current era of globalization. According to IFRS, Indian GAAPs, US GAAPs, Japan GAAPs, etc., these Indian firms are providing their financial information. The global accounting authorities are working toward a unified set of accounting norms, valuation standards, and disclosure requirements in an effort to prevent problems of this nature. In this situation, India must switch all industries over to IFRS from Indian GAAP. India, a developing country economically, likewise decided to converge with IFRS and established the Ind AS standard.