GAAP advisory services (Ind AS, IFRS and US GAAP)
Diversification and complex environments pose challenges for expansion, but also create opportunities to structure the business of the enterprise for maximizing value and minimizing the risk. Our professionals has an expertise knowledge about various GAAPs and can smoothly converge your financial statements delivering optimum output.
Impact assessment for transition between Indian GAAP to Ind AS / IFRS
- The Ind AS are standards that have been harmonised with the IFRS to make reporting by Indian companies more globally accessible. The implementation of Ind AS can impact the valuation of Profit after Tax (PAT), revenues, total assets, and net worth.
- Ind AS poses technical accounting challenges to companies, particularly for standards like Revenue from Contracts with Customers (Ind AS 115), Financial Instruments (Ind AS 109), Business Combinations (Ind AS 103), Consolidated Financial Statements (Ind AS 110), Joint Arrangements (Ind AS 111), etc. which are more complex than existing standards under Indian GAAP
- We have handhold experience in converging companies from Indian GAAP to Ind AS / IFRS (for reporting purposes) along with application of all complex standards. .
Preparation of full-fledged IFRS/ Ind AS / any other GAAP compliant financial statements
- Preparation of financial statements under another GAAP includes recognition, de-recognition, re-measurement and reclassification of components of financial statements. Further, it includes preparation of financial statements in the applicable format and disclosure notes accompanying the financial statements.
- Our firm provides complete handholding in convergence to any GAAP (including IFRS and US GAAP). This includes all steps beginning from impact assessment and ending to preparation of full-fledged financial statements under respective GAAP including the disclosure notes.
Assistance in the preparation of group reporting packs
- For large group structures, group-reporting packs play a vital role in collection of information from the subsidiaries / associates and joint ventures. These packs not only smoothens the process of consolidation but also helps the management to analyse the performance of the group.
- Our firms assists in preparation of such group reporting packs or provides assistance in sending information through such group reporting packs to the holding company.
Providing accounting advisory services for complex accounting issues
- There are many complex transactions that may require professional consultation. Our experts stand ready to assist you with any complicated transactions that you encounter such as:
- Lease accounting
- Revenue recognition
- Business combinations
- Complex debt or equity arrangements
- Derivative and hedging transactions
- Fair value measurement
- Other complex transactions and accounting
- Further, our experts are ready to assist you with the interpretation and application of technical accounting rules as prescribed by Ind AS.
Business combination, consolidation, financial instruments accounting
- Indian Accounting Standard (Ind AS) 103 – Business Combinations, prescribes the recognition and measurement principles for business combinations by acquisitions/ mergers. This Standard also deals with accounting for combination of entities or businesses under common control.
- Ind AS 110 on Consolidated Financial Statements establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.
- IND AS 109 Financial Instruments deals with classification, recognition, de-recognition and measurement requirements for all the financial assets and liabilities. This standard provides guidelines for accounting and reporting of the Financial Instruments (FI) which will enable the stakeholders to assess the timing and uncertainty of a business future cash flow
- Our firm expertises in all these accounting requirements.