Overview
Indian Accounting Standards (Ind AS) are converged with International Financial Reporting Standards (IFRS) and apply to specified classes of companies under the Companies (Indian Accounting Standards) Rules, 2015 — broadly, listed companies, unlisted companies above prescribed net worth thresholds, and their holding, subsidiary, joint venture and associate companies. Other companies follow the Accounting Standards notified for them.
The firm helps companies understand which framework applies, manage the transition to Ind AS, apply individual standards to complex transactions and prepare financial statements and disclosures that stand up to audit.
When it is typically needed
- A company, or its group, becomes required to adopt Ind AS
- A complex transaction needs an accounting position — revenue, leases, financial instruments or business combinations
- Financial statements and disclosures need review before audit
- Auditors have raised queries that need technical responses
Scope of work
Ind AS transition
- First-time adoption
- Transition adjustments
- Accounting policy review
Financial reporting
- Financial statement preparation
- Disclosure review
- Reporting compliance
Technical advisory
- Accounting treatment advisory
- Opinions on complex accounting matters
- Standard-wise interpretation
Audit support
- Support during statutory audit
- Management reporting
- Resolution of auditor queries
Terms explained
For readers less familiar with Indian tax and regulatory terminology.
- Ind AS
- Indian Accounting Standards — accounting standards converged with IFRS and notified under the Companies Act, 2013.
- First-time adoption
- The process, governed by Ind AS 101, of moving from the previous accounting framework to Ind AS, including restating comparative figures.
Scope and limitations
- Independence rules restrict accounting and financial statement preparation services for clients whose statutory audit the firm conducts; scope is set accordingly.