With global corporate integration enabling exponential growth for Indian companies, financial reporting in an internationally accepted framework is inevitable. For dynamic Indian businesses, the challenge to catapult into the next phase of growth magnifies with the ever-increasing focus on quality and transparency of financial reporting by various stakeholders. On 16 February 2015, the MCA notified the Ind AS and roadmap for implementation thereof.
At Grant Thornton in India, we understand the importance of aligning financial reporting with regulatory changes and the need for accurate financial reporting.
Our professionals are experienced in the following GAAP conversions
- IGAAP to Ind AS
- IGAAP/ IFRS to USGAAP
- IFRS/ USGAAP to IGAAP/Ind AS
When is a GAAP conversion needed?
- Regulatory changes: Ind AS became applicable in India in 2015/IFRS became applicable in Singapore in 2018
- Cross-border acquisition triggering GAAP conversion of the acquiree’s books
- Equity/Debt raising in a different market
Key challenges
- Multiplicity of GAAPs for statutory/group reporting and tax compliance (eg Ind AS, IFRS and ICDS typically in many Indian companies)
- Key accounting complexities in GAAP conversion: Business combination, financial instruments, deferred taxes, consolidation, etc.
What do we deliver?
- Detailed diagnostic reports
- GAAP adjustment computation templates
- Converted financial statements, including disclosures
- Customised trainings for building in-house capabilities
