Ind-AS and IFRS change when revenue is recognised, how leases, financial instruments and business combinations are presented, and what the first-time-adoption reconciliations must explain. N Avinash and Associates advises Hyderabad companies that are converting, that already report under Ind-AS, or that must pack Indian GAAP numbers into a parent IFRS reporting package.
The work starts with a gap analysis against the company’s actual contracts — customer terms, leases, borrowings, ESOP, related-party guarantees — not against a textbook list of standards. Policy choices (for example practical expedients on transition) are written so the next year’s auditor can follow them.
Scope of work
- Scoping: Ind-AS applicability, voluntary adoption, or parent IFRS pack only
- Gap analysis versus AS / previous GAAP, with a conversion roadmap
- Revenue (Ind-AS 115), leases (116), financial instruments (109) and other standards as they bite
- First-time-adoption (Ind-AS 101) reconciliations and exemption memos
- Group reporting packs and disclosure checklists for the Indian entity
- Coordination with statutory audit so the Ind-AS file and the Companies Act file do not diverge
- Training note for the client’s finance team on the policies adopted
Gachibowli and Madhapur subsidiaries of overseas parents often need a monthly IFRS pack as well as Indian statutory accounts. That pack is built from the same ledger, with a documented bridge. Dual reporting that cannot be reconciled is not issued.
Where a position is a judgement — variable consideration, lease term, ECL, expected credit loss overlays — the judgement and the evidence are recorded. The advisory stops short of signing an audit opinion; it produces the papers the auditor will test.