Under the financial reporting framework, GOOD financial statements should provide a TRUE AND FAIR VIEW, be RELEVANT, UNDERSTANDABLE, CONSISTENT, REGULATORILY COMPLIANT, and UNIVERSAL (comparable). The reason for moving toward globally harmonised standards (Ind AS / IFRS) is primarily:

The push toward common standards (Ind AS converged with IFRS) primarily supports UNIVERSALITY / COMPARABILITY across companies, sectors, and geographies. This serves cross-border investors and lenders. Other characteristics (true-and-fair, relevance, understandability, consistency, compliance) are met by Ind AS at a national level — but global convergence specifically targets comparability. Reducing volume, cost, or oversight are not the drivers; in fact, Ind AS often increases disclosure volume.