Accounting Advisory Services
Conversion of IGAAP FS to Ind AS FS.
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.
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.
Conversion of IGAAP to USGAAP/IFRS
Businesses today are global, and need to meet requirements of accounting and
reporting and various jurisdictions. This would mean requirement for the
financial statements to be available in various GAAP for the purposes of
consolidation, reporting or listing. US GAAP and IFRS are the most widely
accepted standards across the world. The Indian or group company financial
statement could be required to adopt/convert to USGAAP or IFRS for
consolidation, any reporting requirement, listing or any other purpose.
Accounting Advisory Services on Ind As, US GAAP and IFRS
Businesses today face myriad complex accounting issues related to GAAP
conversion, acquisitions, consolidations, and more. These are major challenges
and the increasing complexity of financial reporting and rapid changes have led
to a significant increase in demand for expert accounting advice. With our
partner having vast experience of working with multi-national companies under
various GAAP’s including experience in BIG 4, we can provide advice or tailor
solutions to your needs, allowing for a thorough approach in anticipation of the
requirements of auditors, investors, and regulators.
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