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Leading Pharma Company in New Delhi
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PHASES OF IMPLEMENTATION
Refer the Indian Accounting Standards (IND AS) are Accounting Standards, applicability in image left.
a. Companies listed on SMEs Exchange are not required to apply IND AS.
b. Once IND AS becomes applicable it becomes applicable in all the subsequent financial statements even though it has been voluntary applied.
c. Net worth shall be checked for past three financial Year and it shall be calculated on standalone accounts of the company.
d. Companies not covered by the above roadmap shall continue to apply Accounting Standards notified in Companies (Accounting Standards) Rules, 2006.
e. IND AS will be applicable for both the consolidated and Individual Financial statements.
f. NBFCs having net worth below Rs. 250 crores shall not apply Ind AS.
g. Adoption of Ind AS is allowed only when required as per the roadmap. Voluntary adoption of Ind AS is not allowed
Various Other Companies at PAN India Level
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Conclusively, it can be said that first attempt of preparation of Financial Statements complying with Ind AS requires expert knowledge of all notified Indian Accounting Standards, notified schedules, professional judgments and notes requiring disclosure thereof in first time preparation of Financial statements. It is the starting point of New era of Accounting and presentation and disclosure of financial transactions which requires a fair transition from historical cost method of accounting to the fair value of accounting.
OUR SERVICES :
CONVERSION OF FINANCIAL STATEMENTS PREPARED UNDER INDIAN GAAP to Ind-AS
· Advising and assisting clients in respect of accounting under various GAAPs which involves assistance in implementation of identified changes for convergence, assisting in compilation of financial statements, providing adequate staff trainings and consultancy on technical issues.
· Proactively monitoring new accounting rules, alerting our clients to dynamic requirements and offering assistance with addressing complex accounting or reporting challenges.
· Certified technical teams with proven skills provides all the guidance to the entities about the evolving global financial reporting framework ensuring that the reporting requirements are complied
OUR SCOPE OF WORK
Our broad scope of work will be to provide an end-to-end solution to achieve smooth transition from existing accounting practices to Indian Accounting Standards (Ind AS).
Scope of work has been divided in the following sections:
Leading Lead / Metal Industry Clients
SATISFACTORILY DELIVERED CLIENTS FOR IND AS ASSIGNMENTS :
Leading Rajasthan Govt. Power Sector Comapny
The Indian Accounting Standards (IND AS) are Accounting Standards, harmonized with IFRS (International Financial Reporting Standards)/IAS (International Accounting Standards) to make Financials Accounts and Reports of Indian Companies internationally accessible, acceptable, transparent and comparable.
Indian Companies have a far more global access as compared to earlier days and also because of leveraged policies of Indian Government toward the flow of FDI, a need was felt to introduce globally accepted Accounting Standards (IFRS). Most of the Countries in the world follow or adopt IFRS/IAS issued by International Accounting Standard Board (IASB). In India the Government has decided to converge and not to adopt IFRS. So, the converged IFRS named as IND AS has been notified by Government to implement it in phased manner by Indian Companies.
The Ministry of Corporate affairs (MCA) has notified the Companies (Indian Accounting Standards) Rules, 2015 for implementation of IND AS on Indian Companies in phased manner. Initially in 2015, the applicability of IND AS was on voluntary basis for the accounting period beginning on or after 1st April, 2015 and on mandatory basis for the accounting period beginning on or after 1st April, 2016. Later MCA has issued three Amendment Rules, one in each year 2016, 2017 and 2018 to amend the 2015 rules.
The Government has notified the mandatory application and preparation of financial statements of certain class of Indian companies, other than Banking Companies, Insurance Companies and NBFC’s, in the phased manner;
IMPACT OF IMPLEMENTATION OF IND-AS ON INDIAN COMPANIES:
Implementation of Ind AS has changed the base and face of Financial Statements and Reports of Indian Corporates. It has changed not only the manner of presentation of Financials statements but also the principle of recognition and measurement of financial transactions and records. Therefore, we can say the conversion or transition to Ind AS is going to impact in both way qualitatively as well as quantitatively.
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