The accounting Gaap conversion from Indian GAAP (IGAAP) to Indian Accounting
Standards (Ind AS) or International Financial Reporting Standards (IFRS) helps the Companies
to align their financial reporting with international standards. Typically the "Right Idea"
team is involved in:-
Our service offerings
- Diagnostic
Review: At Right Idea, we carry out a detailed analysis of various financial
statements captions to analyse the impact of Ind AS/ IFRS on each financial caption.
The process involves identifying the specific areas where changes will be required
in accounting w.r.t policies, impact of such changes and disclosures.
- Planning &
Strategy:The process involves effectively communicating with all
stakeholders, including management, finance teams and auditors w.r.t the accounting
GAAP related changes and the related impact of such changes in the Ind AS/ IFRS
financial statements of the organisation.
- Conversion
Process:
The process involves modifying financial reporting systems and processes to capture
the new data requirements under Ind AS. Updating accounting policies and disclosures
to comply with Ind AS for the preparation of financial statements as per Ind AS/
IFRS.
- Audit Support:
To Facilitate and support the audit process by providing all relevant documentation
and relevant explanations related to the conversion. The Right Idea team works
closely with auditors to ensure that queries related to conversion to Ind AS/ IFRS
is addressed in timely manner.
- Post-Conversion
Support:To provide continued support to comply with Ind AS/ IFRS in future
periods financial reporting. Further, periodically reviewing the financial reporting
processes to identify and implement improvements in the reporting process.
Benefits of Conversion
Preparation of financial statements as per Ind AS/ IFRS ensures alignment of accounting
with
international accounting standards which enhances the credibility and comparability of
financial statements.
Adoption of Ind AS/ IFRS often results in more transparent and accurate financial
reporting.
Complying with Ind AS/ IFRS makes the Company more attractive for foreign investors as
the
comparability of financial statements get enhanced with the accounting gaap conversion.
