IFRS (International Financial Reporting Standards) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standard Board (IASB). The goal of IFRS is to provide a global framework for how public companies prepare disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry specific reporting. XBRL (Extensible Business Reporting Language) is an XML-based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules. XBRL is royalty-free, open specification for software being developed by a non-profit consortium consisting of over 170 leading companies, associates, and government agencies around the world. In this study we have discussed about IFRS and XBRL and their advantages, disadvantages, impacts and the future of IFRS and XBRL.