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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 - Diagnosea) 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 plana) Accounting policy & strategic choicesb) Gap analysisc) 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 adoption3 - Post Convergence Assistancea) 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.
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