One of the major developments in India has been the convergence with International Financial Reporting Standards (IFRS) through the implementation of Indian Accounting Standards (Ind AS). This study examines the impact of Ind AS implementation on the financial position of selected Pharmaceutical and Computer Software companies listed on the NSE NIFTY 50 Index. Financial data for the transition year 2015–16, prepared under both the previous Accounting Standards (AS) and Ind AS, have been analysed. The Shapiro–Wilk test has been used to assess data normality, followed by the Paired t-test and Wilcoxon Signed-Rank Test, as appropriate. The results indicate that the implementation of Ind AS has not significantly affect most of the selected financial statement elements. However, Total Income and Total Expenses in the Pharmaceutical sector and Total Current Liabilities in the Computer Software sector have shown statistically significant differences.