IFRS / IndAS

International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB).  IFRS were established to create a common accounting language so that businesses and their financial statements can be consistent and reliable from company to company and country to country.

In 2015, the Ministry of Corporate Affairs has issued a notification stating a roadmap for implementation of IND-AS converged with IFRS. IND-AS are required to be adopted in a phased manner for the financial year beginning on or after 1 April 2016 with comparatives for the year ending 31 March 2016 for certain class of companies.

Accordingly, following companies are required to adopt Indian Version of Internationa Financial Reporting Standards, (IFRS ) i.e. IND AS :

For The Accounting Period Beginning on or After 1 April 2016 (Phase 1)
1. Unlisted companies having a net worth of Rs. 500 crores or more.
2. Holding, subsidiary, joint venture or associate companies of the listed and unlisted companies covered above.
3. Comparative for these financial statements will be periods ending 31 March 2016 or thereafter.

Our services under this category include:
– Assistance in identifying / deciding new policies / procedures required to be implemented of under Ind AS
– Assistance in implementation of identified changes for convergence to Ind AS
– Training your staff on key Ind AS concepts and requirements
– Assistance in compilation of financial statements under Ind AS
– Assistance in analysis of difference between Indian GAAP (generally accepted accounting principles) and Ind AS.
– Ind AS adoption.