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CONVERSION OF FINANCIALS STATEMENTS TO IFRS/ IND-AS
The Indian Accounting system additionally known as Ind AS are based in line with the international economic Reporting standards (IFRS). The nomenclature for the naming and numbering of Ind AS is identical with that of IFRS
Ind AS being mandatory compliance for presentation and disclosure of Financial Statements for prescribed companies in India which are above the specified threshold, there is a requirement for Ind AS implementation. 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.
GCA adopts the following methodology for the Conversion:-
Key Points
1. 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.
2. Assistance in implementation of the accounting differences.
3. Preparation of full-fledged IFRS/Ind AS compliant financial statements.
2. Assistance in implementation of the accounting differences.
3. Preparation of full-fledged IFRS/Ind AS compliant financial statements.
Key Methodoly
1. A detailed comparative presentation to assess its impact for each key Ind AS in restated balance sheet and income statement at conversion date.
2. Training to the staff of the company and preparing the first set of IFRS/Ind AS financial statements.
3. Consolidation of financial statements under I-GAAPs / Ind AS / IFRS.
2. Training to the staff of the company and preparing the first set of IFRS/Ind AS financial statements.
3. Consolidation of financial statements under I-GAAPs / Ind AS / IFRS.
