Challenging Case Studies.
In India, Ministry of Corporate Affairs (MCA) has notified phase-wise convergence of Indian Standards with IFRS which are known as Indian Accounting Standard (Ind AS). These standards have become effective from financial year 2016-17 and in Phase I, were applicable to all listed companies and companies having net worth exceeding Rs.500 crores.
In Phase II i.e. from FY 2017-18 it was applicable to all listed companies & for unlisted companies if their net worth exceeds 250 crores.
Any company may voluntarily comply with Ind AS for accounting periods beginning on or after 1 April 2015.
Later on this phase wise applicability will also bring Banks, NBFCs & Insurance companies within the purview of IND AS.
1 - Diagnose
a) Review of existing accounting policies as per previous GAAP(existing AS) & identification of differences when compared to IND AS.
b) Gather relevant data, assessment of controls & IT system processes & redesign of new processes.
2 - Implementing convergence plan
a) Accounting policy & strategic choices
b) Gap analysis
c) Develop & communicate roadmap of convergence plan to top management & financial reporting team. Presenting impact analysis to stakeholders.
d) Convergence of Last 2 year’s Financial statements to IND AS including transition notes as per IND AS 101 & preparation of IND AS compliant financial statements for year of adoption
3 - Post Convergence Assistance
a) 3 months offsite support for facilitating knowledge transfer & solving any queries related to IND AS financial reporting.
b) IND AS Training program for relevant staff for future.
c) Assistance to client in handling IND AS matters with Auditors.
1 - Our Financial reporting professionals are qualified chartered Accountants with extensive practical experience in financial reporting across multiple countries & under various accounting framework (US GAAP, IND AS, IFRS).
2 - Local and global financial reporting servicing capabilities.
3 – Expert team who have handled the US GAAP & other IFRS conversion assignments for listed entities.
4 - For the area of IFRS/IND AS, APMH have tie-up from industry and expert estimation knowledge standpoint with London School of Accounting and Finance (LSAF Global) as our knowledge partners for bringing on table to be in class services.
Please feel free to get in touch with us if you have any questions or would like more information on our services.