Conversion to Ind-AS / IFRS a technically precise transition to the accounting standards your business needs.
Expert Ind-AS and IFRS conversion services in Mumbai and across India — applicability assessment, opening balance sheet preparation, accounting policy selection, first-time adoption adjustments, IFRS financial statement preparation, Ind-AS transition impact analysis, and ongoing Ind-AS and IFRS reporting for Indian companies and subsidiaries of multinational corporations.
Indian Accounting Standards (Ind-AS) are the Indian version of International Financial Reporting Standards (IFRS), converged by the MCA and ICAI to align Indian financial reporting with global standards. Ind-AS applies mandatorily to certain categories of companies — listed companies, companies with net worth above Rs 250 crore (Phase I), companies with net worth above Rs 500 crore that are subsidiaries or holding companies of listed or Phase I companies (Phase II), and banking and insurance entities under RBI and IRDAI directives. All other companies continue under Indian GAAP (AS) unless they voluntarily adopt Ind-AS.
The conversion from Indian GAAP to Ind-AS or IFRS is not merely a technical exercise — it changes the way business performance is measured and reported. Revenue recognition under Ind-AS 115 differs from the percentage completion method; lease accounting under Ind-AS 116 brings operating leases onto the balance sheet as right-of-use assets and lease liabilities; financial instruments under Ind-AS 109 require fair value measurement of investments previously carried at cost; business combinations under Ind-AS 103 eliminate pooling of interests; and the expected credit loss model under Ind-AS 109 replaces the incurred loss model for provisioning. Each of these changes can materially affect the company's reported profit, net worth, and key financial ratios.
Our Ind-AS and IFRS conversion practice covers applicability and mandatory adoption date assessment, gap analysis between current Indian GAAP accounting policies and Ind-AS/IFRS requirements, selection of accounting policies under first-time adoption exemptions and exceptions (Ind-AS 101 / IFRS 1), opening Ind-AS balance sheet preparation, quantification of transition adjustments and their tax implications, restated financial statements for the comparative period, training of finance team on ongoing Ind-AS accounting, and preparation of Ind-AS or IFRS-compliant financial statements including all required disclosures.
Our Ind-AS / IFRS Conversion Services
Applicability Assessment
Determine mandatory Ind-AS adoption date, applicable phase, and reporting requirements.
Gap Analysis
Identify differences between current Indian GAAP policies and Ind-AS/IFRS requirements.
Accounting Policy Selection
Select optimal accounting policies under Ind-AS 101 / IFRS 1 first-time adoption exemptions.
Opening Balance Sheet
Prepare the opening Ind-AS balance sheet with all transition adjustments on the adoption date.
Transition Impact Quantification
Quantify the impact of each Ind-AS/IFRS adjustment on net worth, profit, and key ratios.
Restated Comparative Financials
Prepare restated prior-year financial statements for the comparative period under new standards.
IFRS Financial Statements
Prepare complete IFRS-compliant financial statements with all required notes and disclosures.
Finance Team Training
Training on key Ind-AS standards — revenue recognition, leases, financial instruments, and impairment.
Our Conversion Process
Applicability & Timeline
Confirm mandatory adoption date, phased requirements, and regulatory reporting obligations.
Gap Analysis & Policy Selection
Identify all accounting differences and select optimal policies under first-time adoption provisions.
Opening Balance Sheet
Prepare opening balance sheet with transition adjustments and supporting reconciliation.
Comparative Restatement
Restate prior period financial statements under Ind-AS/IFRS for comparative purposes.
Financial Statements & Training
Prepare first Ind-AS/IFRS financial statements and train the finance team for ongoing compliance.
Benefits of Professional Ind-AS / IFRS Conversion
Frequently Asked Questions
Ind-AS (Indian Accounting Standards) are India's IFRS-converged accounting standards. They are mandatory for listed companies, companies with net worth above Rs 250 crore (Phase I), and their holding, subsidiary, and associate companies (Phase II). Voluntary adoption is also permitted.
Ind-AS is largely converged with IFRS but contains some India-specific carve-outs and modifications — particularly around insurance contracts, real estate revenue recognition, and certain financial instrument provisions. Indian subsidiaries of foreign parents may need to prepare both Ind-AS and IFRS statements.
Key changes include: lease capitalisation under Ind-AS 116 (right-of-use assets and liabilities), fair value measurement of investments under Ind-AS 109, expected credit loss provisioning replacing incurred loss, revenue recognition under Ind-AS 115 (five-step model), and business combinations under Ind-AS 103.
The opening Ind-AS balance sheet is the balance sheet on the date of transition to Ind-AS — prepared by restating all assets, liabilities, and equity from Indian GAAP to Ind-AS. All transition adjustments go through retained earnings. It is the starting point for Ind-AS financial reporting.
Most Ind-AS transition adjustments do not create immediate income tax liability because the Income Tax Act follows its own computation rules. However, specific items — such as fair value gains on financial instruments or lease liabilities — may have deferred tax implications that need to be planned for.
Need Ind-AS or IFRS Conversion Support?
From applicability assessment to opening balance sheet and first financial statements, our Ind-AS and IFRS specialists guide your complete transition — technically precise and audit-ready.
Start Ind-AS / IFRS Conversion or call +91 9819 000 511