The lecture began with an overview of INDAS, emphasizing its evolution and the need for convergence with global accounting standards. The speaker discussed the key differences between the previous Indian Generally Accepted Accounting Principles (GAAP) and INDAS. The speaker highlighted the reasons behind India's decision to converge with IFRS, emphasizing the benefits of a single set of global accounting standards. Attendees gained insights into how the adoption of IFRS has affected financial statements in terms of recognition, measurement, and disclosure. The lecture provided a practical understanding of the changes in reporting, including fair value measurements, revenue recognition, and impairment of assets. The lecture concluded with a discussion on future trends and developments in accounting standards globally. The speaker addressed the ongoing work of standard-setting bodies and the potential impact on INDAS in the coming years.  All things considered, the guest lecture had a profound effect on the attendees.