Financial Reporting & Advisory Services (IFRS & IndAS)
What is IFRS & Ind AS Implementation?
IFRS (International Financial Reporting Standards) and Ind AS (Indian Accounting Standards) Implementation involves the adoption of globally recognized accounting standards in financial reporting.
This includes understanding the impact of the new standards on financial statements, updating accounting policies and procedures, and ensuring compliance with regulatory requirements.
How it Works?
The adoption of International Financial Reporting Standards (IFRS) and Indian Accounting Standards (Ind AS) has brought significant changes to the accounting practices of Indian companies.
IFRS and Ind AS Implementation involves a thorough assessment of the organization’s financial reporting requirements, followed by the development of an implementation plan.
Implementing IFRS can enhance transparency, comparability, and reliability of financial statements, the process can be complex and present challenges for businesses.
IFRS and Ind AS implementation challenges include complex standards, changes to accounting policies, and a lack of skilled professionals. Inadequate data systems and controls can lead to unreliable financial reporting.
Why First Partner?
Our Services Include:
- Conducting a comprehensive assessment of your current accounting practices, including the identification of gaps and weaknesses in your current financial reporting processes.
- Based on our findings, designing a customized implementation plan that adheres to the industry standards.
- Training staff to ensure they have the necessary skills and knowledge to comply with the standards effectively.
- Providing ongoing support to ensure the smooth transition and compliance with the standards.