International Journal of Recent Technology and Engineering (IJRTE) ISSN: 2277-3878, Volume-8 Issue-4, November 2019 7370 Published By: Blue Eyes Intelligence Engineering & Sciences Publication Retrieval Number: D5301118419/2019©BEIESP DOI:10.35940/ijrte.D5301.118419 Abstract— Purpose – The purpose of this paper is to explore the various implementation issues on the Ind AS converged with IFRS in India and measures to address the issues. Design/Methodology/approach – A detailed published literature reviewed in this context and found the scope of the research. A structured questionnaire on 5 points Likert-Scale has been used for the survey. Survey conducted on accounting professionals belongs to Delhi-NCR, India. Findings – The empirical research find the various areas of challenges faced by entities in converged IFRS implementation and suitable means for effective implementation of converged IFRS in India. Originality/value – One of the contributions to this study is to examine perceptions of Indian Accounting Professionals towards convergence and implementation of a single set of global accounting standards in India. As a result of globalization, many Indian companies initiated their business in other countries and some Multi-national companies also operated in India. Different countries having their own set of accounting standards that must be followed when incorporating financial statements hence, it creates a dual set of financial reports of entities. It is complex for the business houses and all the stakeholders to prepare, understand, Interpret and compare the end result of entities so it originates the need of uniform accounting standard which will be applied in all the countries hence International Accounting standard Board took the responsibility and after considering various signifying points issued IFRS for global benefit. Many developed and developing countries adopted IFRS. Indian accounting professionals also felt the need of adopting IFRS so the Institute of Chartered Accountants of India took initiative in this direction and issued a roadmap in this direction but due to some issues, it was not implemented properly. MCA announced a roadmap for Ind AS converged with the IFRS implantation in 2015. Keywords: IFRS, Ind AS, IASB, MCA, Perception.Paper type - Research paper I. BACKGROUND OF THE STUDY / INTRODUTION IFRS is a common global language for financial reporting and benefited the existing and prospective investors (Das, S. 2013; Venkatesh, D. et al, 2016). IFRS is global accounting standard issued by the IASB ( Desai, H., 2016). For improving transparency and addresses some of the objectivity concerns in accounting International Accounting Standards Board (IASB) introduced the International Financial Reporting Standard in 2001 (Sruthiya, V. N. et al Revised Manuscript Received on November 19, 2019 Madhu Bala Sharma, Research Scholar, Dr. APJ Abdul Kalam Technical University, Lucknow, U.P., India Dr. Prateek Gupta, Associate Professor, KIET School of Management, Ghaziabad, U.P., India. 2017). IFRS will be the right choice because Global standard prepared after due process. (Dholakia, P., 2012). After the liberalization and globalization various Indian companies doing business globally and increase their investment in the international market. It is expected by the Convergence to IFRS that it will improve the significance; reliability and comparability of financial statements of an entity and global investors get benefitted by it (Desai, H., 2016). IFRS is the global standard for financial reporting and many countries adopting IFRS. It is good for the public interest in creating investment. Convergence is important for the economic growth of the country (Dholakia, P., 2012). Ind AS implementation is the requirement of the time to compete globally. (Abhilasha, N. et al, 2016 ). As a result of the liberalization process in India, Indian companies expand their business in different countries. Indian companies invest in the global market. Hence, uniform accounting standard becomes the need of changing scenario. Currently, approximate 109 countries are using IFRS in the companies and it is expected that by 2011 appx. 150 countries will adopt IFRS. Indian GAAP and IFRS are not similar to concepts. (Srivastava, S. P. et al, 2009). Harmonization of accounting standards is the need of time. It is essentials for the accounting fraternity of globally. Looking at the need for a Uniform standard of more than 100 countries adopted it till now and hope that the number of adopting countries will increase after 2011. India also prepares a roadmap for IFRS implementation process (Mahesha, B. P. et al, 2013). Indian business environment has been changing and to compete in the changing world. India needs to adopt new policies (Misra & Agarwal, 2014). Convergence to IFRS is inevitable for India (Varghese, T., 2014). The convergence with IFRS is strongly recommended (Manoj Kumara. N. V et al, 2016). India has not fully adopted IFRS but it Converged IFRS into Ind AS according to the need of Indian Environment (Chakrabarty, A. K., 2014). Indian regulators felt the significance of IFRS for companies, Hence ICAI converged Ind AS and Ministry of Corporate Affairs issued roadmap for converged IFRS for companies (Desai, H., 2016) IFRS is the demand for time for operating globally so 150 countries and more than 12000 companies have already adopted IFRS. India has converged IFRS through Ind AS and also planned its applicability to all the sectors including SMEs by 2017 (Venkatesh, D. et al, 2016). The process of convergence has been slow in India but steady Perception of Accounting Professionals in the Convergence and Implementation of a Single Set of Global Accounting Standards in India Madhu Bala Sharma, Prateek Gupta