Hi Santhosh,
version of ERP Backend in SRM mostly play funktion of Backend RFC Functions determination.
These Driver (RFC) functions are maintained in the Table BBP_FUNCTION_MAP - there you can check, which calls will be changed with changing to ERP_4.0
3.0 -> 4.0 has an influence on Classic scenario (as Sharad said, RFC will be replaced with SOA). If you do not want it (still want to use RFC) - you can adopt BBP_FUNCTION_MAP table for values BUS2012/CreateFromData1
Best Regards
Konstantin