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IFRS is a continuously evolving GAAP and so is Ind AS, drawing its dynamism from IFRS. In the recent past, GAAPs have seen significant new changes, with the coming of IFRS 9 and IFRS 15, which impacted most companies’ financial statements in ways that mattered. IFRS 16 and IFRS 17 are all set to impact financial statements again in the near future.
Our team of professionals tracks development in accounting standards from the exposure draft stages and prepares for its implementation long before they are applicable. We help companies prepare for these new accounting changes and implement them.
Key changes due to new accounting standards (IFRS 9, IFRS 15, ASC 606, IFRS 16, Ind AS 115, Ind AS 116)
- Complete rehash of financial asset classification guidance
- Expected credit losses – a fresh approach to financial asset impairment
- Revenue recognition guidance – Global alignment of revenue recognition standard, brought in the 5-step model, which among other things completely changed the way real estate companies in India accounted for their revenue
- IFRS 16/Ind AS 116 brings all leases on the balance sheet – a completely new way to look at lease obligations
Why do companies need us?
- Limited training, experience and bandwidth of finance teams to handle the change
- Lack of information systems in place to report under new standards
- Lack of industry insights, for practical techniques and efficient implementation
What do we deliver?
- Detailed diagnostic report
- Process design for sustainable reporting
- Implementation support
- Automated template designs
- Preparation of disclosure and updates to financial statements