International Financial Reporting Standards (IFRS) are now to be compulsorily followed by all companies in India. The transition to IFRS-converged accounting standards has already started and is being implemented in a phased manner from 2011 to 2014. This is supposed to bring about global unification of standards for reporting financial information to shareholders, lenders and various other stakeholders. Implementation of IFRS-converged accounting standardsis going to give rise to variouschanges in reporting which will have an effect primarily on financial statements and consequently on certain aspects of financial management. The implementation of IFRS is going to affect not only the disclosure of profits (income statement) and financial position (balance sheet) but also financial performance and decision making. The changes in reporting are likely toimpact various financial aspects. Such financial aspects include (but are not limited to) revenue recognition, cost and profitability aspects, capital budgeting policies, working capital management,etc.There are a few unique issues and financial implications thereof, related to application of IFRS to telecom industry which need special attention. This article attempts to propose a conceptual framework for analysing the effect of IFRS (with special reference to IFRS applicable to Indian Telecom Operators) on certain financial aspects of business such as revenue recognition, property plant and equipment, intangible assets, impairment of non-financial assets, outsourcing arrangements, provisions and contingencies, inventory, borrowing costs, etc. The parameters considered for analysis include various drivers of profits, financial position, earning per share (EPS) and Enterprise Value.This framework could also be applied to telecom companies in other countries with suitable modifications / adaptation.