Conversion to Ind-AS / IFRS

Seamless Transition from Local GAAP to Ind-AS or IFRS

As companies grow, raise foreign investment, or cross prescribed net worth thresholds, they are required — or choose — to move from Indian GAAP to Indian Accounting Standards (Ind-AS), which are converged with IFRS. This transition affects recognition, measurement, and disclosure across virtually every line item in the financial statements.

We manage the entire conversion process, from GAAP difference analysis and opening balance sheet preparation to restated financials and first-time adoption disclosures under Ind-AS 101, ensuring your transition is technically sound and audit-ready.

Our Ind-AS / IFRS Conversion Services

GAAP Difference Analysis

Identifying line-by-line differences between Indian GAAP and Ind-AS/IFRS applicable to your business and industry.

Opening Balance Sheet (Ind-AS 101)

Preparing the transition date opening balance sheet with all mandatory and optional exemptions correctly applied.

Fair Valuation Support

Coordinating fair valuation of property, financial instruments, and business combinations required under the new framework.

Financial Instruments (Ind-AS 109/32)

Classification and measurement of financial assets and liabilities, including expected credit loss modelling.

Revenue Recognition (Ind-AS 115)

Reassessing revenue contracts under the five-step model for accurate timing and measurement of revenue.

Lease Accounting (Ind-AS 116)

Recognising right-of-use assets and lease liabilities for all qualifying lease arrangements on the balance sheet.

Who Needs to Convert to Ind-AS?

Listed companies and their subsidiaries, associates, and joint ventures
Unlisted companies with net worth of Rs. 250 crore or more, as per MCA phased roadmap
Companies raising funds from foreign investors who require IFRS-comparable statements
NBFCs and banks meeting the prescribed net worth criteria under RBI-notified timelines
Companies preparing for an IPO or cross-border listing
Holding companies whose subsidiaries must consolidate under Ind-AS

Frequently Asked Questions

What is the difference between Ind-AS and IFRS?

Ind-AS is India's converged version of IFRS, issued by the Ministry of Corporate Affairs under Section 133 of the Companies Act, 2013. It is substantially aligned with IFRS but carries certain carve-outs and carve-ins suited to the Indian regulatory environment, such as different treatment of certain exchange differences and government grants.

Is Ind-AS applicable to my company?

Applicability depends on whether your company is listed, and on net worth thresholds specified by the MCA roadmap. Once a company becomes Ind-AS applicable, it continues to apply Ind-AS even if net worth later falls below the threshold, and applicability can also extend to holding, subsidiary, associate, and joint venture companies of a covered entity.

What is a transition date and why does it matter?

The transition date is the beginning of the earliest comparative period presented in the first Ind-AS financial statements, typically one year before the first reporting date. Ind-AS 101 requires a full opening balance sheet to be prepared at this date, applying Ind-AS retrospectively subject to specified mandatory exceptions and optional exemptions.

How long does a full Ind-AS conversion take?

For a mid-sized company, a first-time conversion typically takes 3 to 6 months, covering GAAP difference analysis, restatement of at least two years of financials, fair valuations where needed, and preparation of reconciliation statements required to be disclosed alongside the first Ind-AS financial statements.

What reconciliations are mandatory on first-time adoption?

Ind-AS 101 requires reconciliations of equity at the transition date and at the end of the last period presented under previous GAAP, as well as a reconciliation of total comprehensive income for the latest period presented under previous GAAP, along with an explanation of material adjustments.

Move to Ind-AS with Confidence

From GAAP gap analysis to first-time adoption disclosures, we make your transition to Ind-AS or IFRS technically accurate and audit-ready.

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