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The present global scenario, world is witnessing the era of Globalization which has facilitated global trade and has opened the gate of domestic market for foreign countries which at one point of time was not opened to them. Globalization in short has turned the whole world into a �global village� for facilitating foreign trade and business at global level. There are different sets of accounting standards in every country according to which the country carries its business. International Financial Reporting Standards (IFRS) are set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB), and they specify exactly how accountants must maintain and report their accounts. IFRS were established in order to have a common accounting language, so business and accounts can be understood from company to company and country to country.