The phenomenon of globalization of business activities has widened the functioning of accounting. Still its basic function is to account for the business transaction and events, and to produce the business information in the form of financial reports. Therefore it is said to be the language of business and financial reports are considered the end products of accounting. These reports are used as a medium through which business entities prepare financial information the interested parties. International financial reporting standards (IFRS) issued by International Accounting Standard Board (IASB) are standardized financial reporting standards, in India IFRSs are not directly adopted, they are converged with Indian Accounting Standards, in this background this study has been under taken to study the benefits and challenges in Convergence of Indian Accounting standards with IFRSs. This study identifies that Lack of information availability creates more problems for developing curriculum material concerning IFRS, so it is the major obstacle to teach students.