FIFI-LS (Field-Imaging Far-Infrared Line Spectrometer) is an imaging spectrograph for SOFIA comprised of two medium resolution (R∼2200) grating spectrometers feeding two 16x25 pixel detector arrays, which enable simultaneous line observations across two wavelength ranges (42-110 μm and 110-210μm) each across a field of view of 5x5 pixel. FIFI-LS will be the extragalactic spectroscopic workhorse for SOFIA. FIFI-LS has enough sensitivity to observe a substantial sample of nearby galaxies. It also has the right combination of wavelength range and spatial resolution to carry out unique new observations beyond those possible with Herschel, Spitzer, ISO and IRAS. As the effective sensitivity of FIFI-LS is only about a factor of 3-5 lower than the PACS spectrometer onboard Herschel, mainly due to an enhanced multiplexing advantage, FIFI-LS will build upon recent exciting scientific results and spearhead the post-Herschel far-infrared era. FIFI-LS is scheduled for commissioning onboard SOFIA in early 2014. An account on the instrument and its current stratus will be presented.