IFRS at present can be viewed as the most important initiative in the financial reporting standards at the global podium. Approximately 120 nations and reporting jurisdictions permits/ requires IFRS for domestic listed companies, while over 90 countries have fully conformed to IFRS as promulgated by the International Accounting Standards Board (IASB) and include a statement acknowledging such conformity in their audit reports.
Cases of IFRS requirement,
- Indian entity of foreign corporate in addition to comply Annual Accounts as per Indian GAAP, requires reporting per International Financial Reporting Standards (IFRS) for their Parent company to consolidate.
- Indian Entity seeking for overseas funding, mostly require the Conversion of Indian GAAP Balance Sheet into IFRS.
We carry out extensive reviews and advisory to ensure that the requirements under IFRS are complied and design and convert the Financial Statement of Indian GAAP into IFRS and provide support through robust impact analysis mechanism.