This study has employed summative content analysis to measure de-jure harmonisation between the Indian converged International Financial Reporting Standards (Ind.AS) and IFRS under the headings definition terms, measurement and recognition, and presentation and disclosures. There are significant differences between Ind.AS and IFRS in measurement/recognition and presentation/disclosure. The convergence index shows that Ind.AS has removed about 86% of the difference between the existing local GAAP (AS) and IFRS. The most interesting difference between Ind.AS and IFRS is that Ind.AS provides options where IFRS does not, while IFRS also provides options where Ind.AS does not. However, most of the differences between IFRS and Ind.AS are time and transaction-specific likely to be undertaken by large companies; hence, it may not reflect in financial statements of small-medium enterprises. The study makes a methodological contribution by introducing a convergence index which measures how a country has to bridge the gap between local GAAP and IFRS.