IND AS/IFRS IMPLEMENTATION
When presenting the Union Budget for 2014–15, the Honorable Finance Minister suggested using Indian Accounting Standards (Ind AS), which are similar to International Financial Reporting Standards (IFRS). Ensuring that Indian companies’ financial statements are transparent, consistent, and comparable to those of other nations is the goal of Ind AS. The global comparability of Indian enterprises’ financial data has improved after the implementation of Indian Accounting Standards (Ind AS). Several novel and intricate ideas are applied in Ind AS. This calls for a high degree of discretion and estimation in addition to thorough qualitative and quantitative disclosures made in accordance with Ind AS.
What Assistance Can Popli and Associates Provide?
Our company can play the following important roles in the implementation of Ind AS:
Evaluation and Gap Analysis: We can evaluate how Ind AS has affected the company’s financial statements and carry out a gap analysis to find areas that need to be changed in order to comply with Ind AS. This entails examining the company’s current accounting policies and practices to determine what needs to be changed.
Create an Implementation strategy: We can create a thorough implementation strategy that outlines the actions to be followed in order to comply with Ind AS based on the gap analysis. Timelines, resource requirements, and explicit roles and duties for all parties involved are all included in this strategy.
Training and Education: To make sure that the finance team, auditors, and other stakeholders are aware of the modifications mandated by Ind AS, our team may offer them training and education. We can also offer advice on how to apply the standards, how to interpret Ind AS, and how the changes would affect the company’s financial statements. This enables staff to view Ind AS as a strategic endeavor requiring organizational commitment rather than just a technical one.
Development of Accounting Policies: We can help the business create new accounting guidelines that adhere to Ind AS. This includes regulations pertaining to financial instruments, leases, revenue recognition, and financial statement consolidation.
Financial Statement Preparation: In compliance with Ind AS, we may help the business prepare its financial statements. This involves making certain that the accounting policies are regularly followed and that the financial statements adhere to the disclosure standards.