IND-AS And IFRS Implementation
At Dang & Associates, we
specialize in the seamless implementation of Indian Accounting Standards
(IND-AS) and International Financial Reporting Standards (IFRS) for businesses
across various industries. Our expert team helps companies align their
accounting practices with the latest financial reporting frameworks to ensure
compliance, transparency, and accuracy in financial statements. Whether you are
transitioning from Indian GAAP to IND-AS or adopting IFRS for the first time,
we provide comprehensive support throughout the process, ensuring that your
financial reporting meets global standards.
1. IND-AS Implementation & Compliance
The transition to IND-AS can be challenging, especially for companies with
complex financial structures or legacy systems. We provide end-to-end services
to facilitate a smooth implementation, including:
- Gap
Analysis – We assess the differences between your
current accounting policies and IND-AS requirements, identifying areas
that require adjustment or additional disclosures.
- Policy
Development – Our experts help in developing policies
and procedures that are compliant with IND-AS, ensuring proper treatment
of transactions.
- Accounting
for Financial Instruments – Assistance in the
recognition, measurement, and disclosure of financial instruments as per
IND-AS 109, including derivatives, hedge accounting, and impairment of
assets.
- Revenue
Recognition – Advisory on the correct application of
IND-AS 115 (Revenue from Contracts with Customers), ensuring that revenue
is recognized in accordance with the new standards.
- Preparation
of Financial Statements – Guidance on preparing
IND-AS-compliant balance sheets, profit and loss statements, cash flow
statements, and notes to accounts.
- IFRS
Adoption & Transition
For companies expanding globally or seeking to comply with international reporting standards, adopting IFRS is essential. Our services include: - IFRS
Conversion Strategy – We help create a roadmap for
converting your existing financial statements to IFRS, ensuring that all
necessary adjustments are made for compliance.
- IFRS
Financial Statement Preparation – Assistance in preparing
financial statements in accordance with IFRS, including the
reclassification of items and compliance with IFRS disclosures.
- Adoption
of IFRS 9, IFRS 15, & IFRS 16 – Expert guidance on the
implementation of the latest IFRS standards, including financial
instruments (IFRS 9), revenue recognition (IFRS 15), and leases (IFRS 16).
- Training
& Capacity Building – We offer customized
training programs to ensure that your finance team is equipped with the
knowledge and skills required to handle IFRS-compliant accounting and
reporting processes.
- Transition
from Indian GAAP to IND-AS
Transitioning from Indian GAAP to IND-AS involves significant changes in the accounting treatment of assets, liabilities, and income recognition. Our services include: - Financial
Impact Assessment – We conduct a thorough assessment of
the financial impact of the transition, ensuring that your balance sheet
and profit/loss statements reflect the changes accurately.
- Data
Collection & Conversion – Assistance with the
collection and conversion of financial data from Indian GAAP to IND-AS.
- Reconciliation
Statements – We help prepare reconciliation statements
between Indian GAAP and IND-AS financials to facilitate a smooth
transition for auditors and stakeholders.
- Post-Transition
Compliance & Reporting – Ongoing support after the
transition to ensure continuous compliance with IND-AS requirements.
- Audit
& Assurance Services for IND-AS & IFRS
Our team also provides audit and assurance services to verify that your financial statements are in full compliance with IND-AS and IFRS: - External
Audit Support – We collaborate with auditors to ensure
that your financial statements meet the necessary standards and are free
from material misstatements.
- Internal
Controls Evaluation – Assistance in evaluating and
improving internal controls related to financial reporting, ensuring
accurate and reliable accounting under IND-AS and IFRS.
- Independent
Reviews – We offer independent reviews of financial
statements to ensure compliance with IND-AS and IFRS before submission to
stakeholders.
- Ongoing
Support & Compliance Monitoring
We recognize that accounting standards evolve and businesses face changing reporting requirements. Our ongoing services ensure continued compliance: - Regulatory
Updates & Amendments – We monitor changes in
IND-AS and IFRS and provide timely updates to your finance team to ensure
ongoing compliance.
- Continuous
Training – Regular training and updates on changes to
accounting standards, ensuring that your team stays current on the latest
requirements.
- Assistance
with Regulatory Filings – Support in filing IND-AS
and IFRS-compliant financial statements with regulatory authorities,
including the Ministry of Corporate Affairs (MCA) and the Securities and
Exchange Board of India (SEBI).
Why Choose Dang & Associates for IND-AS &
IFRS Implementation?
- Expertise
in Accounting Standards – We have a deep
understanding of both IND-AS and IFRS, enabling us to offer customized
solutions for businesses across industries.
- Seamless
Transition Support – Our structured approach ensures a
smooth and efficient transition to IND-AS or IFRS without disruption to
your business operations.
- Comprehensive
Advisory & Compliance – From initial assessments
to ongoing compliance, we provide end-to-end services tailored to your
unique needs.
- Global
Best Practices – We integrate global best practices into
your financial reporting processes, ensuring accuracy, transparency, and
compliance with international standards.
At Dang & Associates, we guide businesses through the
complexities of IND-AS and IFRS adoption, helping them achieve accurate,
compliant, and globally recognized financial reporting. Let us help you
streamline your transition and maintain ongoing compliance with the latest
accounting standards.