A single set of accounting standards across the globe would facilitate efficient working of Multinational Companies (MNC) and globally distributed work systems. In India, the Institute of Chartered Accountant of India (ICAI) made progress in ensuring the convergence of Indian accounting standards with international standards. This article presents a comparison between Indian standards and international standards.

In this age of transnational capitalism, significant amounts of capital are flowing from developed world to emerging economies. Positive fundamentals combined with fast growing markets have made India an attractive destination for Foreign Institutional Investors (FII).

India's integration with the global economy has resulted in Indian companies expanding globally. Global mergers and acquisitions have given a momentum to the competitiveness in Indian Industry. This spread of Indian Industry over global geographies has resulted in converging Indian accounting standards with international standards.

International Accounting Standard Committee (IASC) used to issue the International Accounting Standards (IAS) between 1973 and 2000. Subsequently this committee is replaced by the International Accounting Standard Board (IASB). The standards issued by the committee are referred to as International standards where as the additional standards issued by the IASB are known as International Financial Reporting Standards (IFRS). It is not mandatory for any country or company to follow the IAS and IFRS. However, the countries chose to follow and directed their listed companies to prepare the accounts following these standards.

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