Synopsis "The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise with the occasion. As our case is new, so we must think anew and act anew." (Abraham Lincoln). The rapid globalization of capital markets has highlighted the need for a uniform set of financial reporting rules worldwide. This has been the major driving force behind the convergence of accounting standards across the globe. The evolution of International Financial Reporting Standards (IFRS) marks the biggest revolution in financial reporting. Harmonization of accounting standards will bring consistency and transparency to financial reports, enable comparison across countries, allow companies to benchmark themselves against international competition and improve the efficiency of the capital markets. Over 100 countries have adopted the IFRS wholly or by convergence of their national standards to the IFRS. The US GAAP is also moving towards convergence with the IFRS since the Norwalk Agreement. This book highlights the significance and scope of accounting standards, their role in establishing the quality of financial reporting, the emerging trends in the light of globalization and the need for moving towards harmonization. It gives an overview of the accounting standards in India, the state of accounting reforms, and compares the Indian standards with the global standards. It establishes the need for convergence with the international standards and discusses the impact and issues involved in the process therein.