Today most of the countries have considered the adoption of International Financial Reporting Standards (IFRS) and its impact on their institutional, economic, and political environments. This article reports an overview of IFRS on accounting quality across the world and in India. IFRS is important considering the need to have globally set standards to have consistencies which avoid discrepancies and conflicts in the accounting framework. In this regard, a need for an internationally accepted accounting standard becomes all the more unavoidable so as to ensure greater accountability and homogeneity in the financial sector and bridge the lacuna that exists in the accounting standards. IFRS include the standards and interpretations issued by the International Accounting Standards Board (IASB) as well as the International Accounting Standards (IAS) and interpretations of the International Accounting Standards Committee. IFRS offers many benefits if implemented properly across the world due to its homogeneity and standardization particularly for India which is considered as an economy which is being looked upon globally. Its implementation will maintain positive sentiments of the investors and would also help in strengthening their faith and credibility in the Indian market. The Government needs to chalk out a holistic roadmap for smooth transition towards IFRS so as to gain maximum benefits from IFRS.