International Financial Reporting Standards or the IFRS are accepted worldwide as the accounting standards for all business sectors and being implemented in every industry and organization. The challenge is to keep updated with the changes and new standards that are being released on a regular basis. Therefore, learning to apply these standards properly is increasingly becoming a necessity for every accountant, auditor, financial analyst and financial professional. Convergence of financial reporting standards has considerable benefits to prepares of accounts, for listed companies, investors, multinational business and the global economy.