Details

The transition from traditional Indian GAAP to Indian Accounting Standards (IND-AS), and in some cases to International Financial Reporting Standards (IFRS), represents a significant shift in financial reporting practices. The IFRS & IND-AS Advisory service is designed to assist companies in understanding, adopting, and implementing these frameworks effectively.

Services under this domain include:

• Gap Analysis and Impact Assessment of transitioning from Indian GAAP to IND-AS or IFRS, including financial, operational, and system-level impacts

• Preparation or Review of Financial Statements under IND-AS or IFRS, including disclosures and reconciliations with earlier GAAP

• Assistance in IND-AS Conversion Projects including designing implementation roadmap, accounting policy choices, and system readiness

• Advisory on First-Time Adoption (Ind AS 101 / IFRS 1) and its implications on assets, liabilities, equity, and performance metrics

• Training and Knowledge Transfer to internal finance teams for seamless understanding and implementation

• Support during Statutory Audits or Regulatory Filings where IFRS or IND-AS compliance is mandated

• Assistance in Consolidation under IND-AS / IFRS, including equity method, proportionate consolidation, and business combinations

• Review of Complex Accounting Areas such as revenue recognition, lease accounting, financial instruments, impairment, and fair valuation

• Continuous Advisory Support for interpretation of standards, changes in regulatory pronouncements, and amendments in disclosure requirements

Whether for listed entities, companies planning IPOs, or those part of global corporate structures, the advisory ensures financial reporting aligns with applicable frameworks and enhances transparency and comparability for stakeholders.