Accounting standards constitute the basis for the preparation of financial statements. There are many accounting standards in the world. As accounting is a language of the business, each country is using a rule of its own generally accepted accounting principles also known as GAAP. These allow firms to report their financial statements in accordance to the GAAP that applies to them .The complication lies within whether the company does business in multiple countries for growth. How can investors deal with multiple standards in different countries, which ones are accurate, and how can corporations be compared based upon their financial statement, The answer to these questions lies within the adoption of the International Financial Reporting Standards (IFRS), which is being developed and supported by the International Accounting Standards Board (IASB) for the objective to implement the uniform accounting standard in all the countries across the world. So IFRS play important role to make uniforminity in accounting aspect at global level . In India, ICAI has decided to adopt the IFRS by April 2011. This study tries to analyze the information available on IFRS adoption process in India. It also discusses the IFRS adoption procedure in India and the benefits for India in adopting IFRS. The paper discuss the problems faced by the stakeholders in the process of adoption of IFRS in India.