IFRS/ IND AS/ GAAP Conversion

The Indian Accounting Standards also known as Ind AS are structured in line with the International Financial Reporting Standards (IFRS). The nomenclature for the naming and numbering of Ind AS is same as that of IFRS

With Ind As compliance being mandatory for specified companies operating in India, it has become a need to prepare for Ind AS implementation. Businesses should firstly develop an outline of how the new standards will replace existing ones, and then look to embed Ind AS into their operational systems, train their teams, and ensure all company managers understand the new accounting principles.

These standards have introduced several changes in the way companies report financials, including how they account for income and expenditure and items in the balance sheet. Ind AS is different from the existing Indian GAAP framework in following key aspects:

  • Fair Valuation
  • Substance over legal form
  • Emphasis on the Balance Sheet
  • New framework is principle based, rather than rule based.
We provide following services to the entity for easement with Ind As/ IFRS conversion:
  • An initial assessment is done to identify standards which will have impact on financial statements in terms of recognition, measurement, disclosure or classification of items as per Ind As in comparison of existing accounting standards.
  • Assistance in implementation of the accounting differences.
  • Preparation of full-fledged IFRS/Ind AS compliant financial statements.
  • A detailed comparative presentation to assess its impact for each key Ind AS in restated balance sheet and income statement at conversion date.
  • Training to the staff of the company and preparing the first set of IFRS/Ind AS financial statements.
  • Consolidation of financial statements under I-GAAPs / Ind AS / IFRS.
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