With the increasing scale of trade, need was felt for quality based, informative and reliable accounting standards. Hence, the ASB formulates Accounting Standards for India giving due consideration to International Accounting Standards. But now, trade has to give global level crossing all jurisdictions and regions. The integration of global economy demands a set of accounting standards which are generally accepted all over the world for facilitating the countries doing trade in a more simplified way of accounting. International Financial Reporting Standards (IFRSs) are such set of accounting standards as have been prepared to cope up with the increasing demands of accounting at global level. More and more countries are moving to IFRSs due to their capability to facilitate economic growth in international or global market.