The implementation of IFRS, a principle-based set of standards, is not just about changing accounting policies.
We assist clients with
| Preparing IFRS compliant financial statements- either consolidated or separate. | |
| Design and implement new reporting package for IFRS. | |
| The requirements to prepare three years of comparative financial information compliant with IFRS, as well as an IFRS-compliant balance sheet on the date of transition. | |
| Along with the balance sheet, preparation of an income statement, statement of changes in equity, statement of cash flows with comparatives is required to be prepared. | |
| Reconciliations required with the Indian GAAP and IFRS on first time adoption both in the interim reports as well as annual set of financial statements. |
With significant technical skills we can help in
| Identifying the major applicable differences between the domestic GAAP and IFRS. | |
| Interpreting the requirements of IFRS and their application. | |
| Understanding best practices for fair value accounting for property, plant and equipment (PPE), investment property and intangible assets. | |
| Understanding best practices for valuation of employee benefits. | |
| Identifying disclosure requirements under the IFRS. |