Convert Project after Android Studio 2.2 update

Hello AndroidStudio Users,

Recently I have updated my Android Studio with 2.2 version, No so many Gradle and Instant Run update I got, that I have updated.

But whenever I open a new project, I am getting the following dialog to convert the project.

Is it required to convert? What it will convert actually? Does anyone know?

It just update your build.gradle file for new features of Android Studio.

buildscript

for Android Studio Version 2.1.3

buildscript {
    repositories {
        jcenter()
    }
    dependencies {
        classpath 'com.android.tools.build:gradle:2.1.3'

        // NOTE: Do not place your application dependencies here; they belong
        // in the individual module build.gradle files
    }
}

to Latest Android Studio Version 2.2

buildscript {
    repositories {
        jcenter()
    }
    dependencies {
        classpath 'com.android.tools.build:gradle:2.2.0'

        // NOTE: Do not place your application dependencies here; they belong
        // in the individual module build.gradle files
    }
}