The paper proposes to carry out the considerable changes required in the regulatory framework for financial reporting in India after convergence with International Financial Reporting Standards (IFRS) till 2011. The paper initiate with a prologue of existing system for financial reporting in India. The convergence of Indian GAAP with IFRS would pose various challenges on the tax and regulatory front, which companies, investors and regulators will have to grapple with. It is expected to have a noteworthy impact on all stakeholders, such as chartered accountants, regulators, financial analysts, economists, investors, industrialists and accounting professionals and so on. There are numerous standards that have conceptual differences, which require changes in regulations. This paper contributes to different stakeholders in the procedure of regulatory restructuring and strengthening the overall health of the Indian economy. The paper suggests the certain regulatory amendments which are needed in Financial Reporting in India after adopting IFRS.