How do we handle dual reporting — Indian GAAP or Ind AS plus IFRS?

Dual reporting is managed through a reconciliation/conversion layer between the Indian statutory books and IFRS. We build conversion adjustments and prepare the IFRS pack alongside the statutory close from a single underlying dataset.

IFRS Implementation Services in India

Q: Which IFRS standards have the biggest impact on Indian companies?

IFRS 9 (Financial Instruments — ECL provisioning), IFRS 15 (Revenue — five-step model), IFRS 16 (Leases — all leases on balance sheet), and IFRS 3 (Business Combinations — purchase price allocation) have the most significant impact.

Q: What is IFRS 1 and what exemptions does it offer?

IFRS 1 provides the framework for first-time adoption, offering optional exemptions (deemed cost for PPE, prior business combinations) and mandatory exceptions (estimates, derecognition) to reduce transition complexity.

Q: Does an Indian company need to audit its IFRS financial statements?

Audit requirements depend on purpose. IFRS statements for overseas listings or foreign regulatory submissions typically require an audit by a qualified auditor in the relevant jurisdiction.

Specialist IFRS implementation and advisory services for Indian companies reporting under International Financial Reporting Standards for overseas listings, foreign parent reporting, cross-border transactions, and global investor requirements.

IFRS Gap Analysis

Detailed assessment of differences between current accounting policies and IFRS requirements, with quantification of transition adjustments and identification of policy choices available under IFRS 1.

IFRS Financial Statement Preparation

Preparation of IFRS-compliant financial statements including the statement of financial position, comprehensive income, changes in equity, cash flows, and all required IFRS notes and disclosures.

Accounting Policy Manual

Development of an IFRS accounting policy manual covering all material transactions — revenue, financial instruments, leases, impairment, consolidation, and employee benefits.

Group Reporting Pack Support

Assistance with completing IFRS group reporting packs for foreign parent entities, including consolidation adjustments, intercompany eliminations, and IFRS-to-local GAAP reconciliations.

What is IFRS and How Does it Differ from Ind AS?

International Financial Reporting Standards (IFRS) are global accounting standards issued by the International Accounting Standards Board (IASB). Ind AS is India's version of IFRS — converged with but not identical to full IFRS. Key differences include treatment of regulatory assets and liabilities, long-term foreign currency items, and certain first-time adoption exemptions that exist under Ind AS but not under IFRS.

Indian companies listed on overseas exchanges (such as NYSE, LSE, or SGX) or those that are subsidiaries of foreign multinationals are often required to prepare financial statements under full IFRS in addition to their statutory Indian GAAP or Ind AS reporting.

Who Needs IFRS Implementation Services?

Indian subsidiaries of foreign multinational companies reporting to an IFRS parent
Companies listed or planning to list on overseas stock exchanges
Businesses raising foreign capital from investors requiring IFRS statements
Indian companies involved in cross-border mergers or acquisitions
Organisations applying for export credit or multilateral agency funding requiring IFRS compliance

Why Choose Our IFRS Implementation Services?

Our IFRS specialists combine deep knowledge of full IFRS with practical experience of the Indian regulatory environment. We bridge the gap between your Indian statutory reporting and IFRS requirements — delivering accurate, audit-ready IFRS financial statements and reporting packs on time.

Whether you are implementing IFRS for the first time, supporting a parent group reporting cycle, or preparing for an overseas IPO, our team provides the technical IFRS expertise and project management to make the process efficient and compliant.

Frequently Asked Questions

Are IFRS and Ind AS the same? +

Ind AS is converged with but not identical to IFRS. Ind AS carves out certain options available under IFRS and adds India-specific provisions — for example, the treatment of regulatory deferral accounts under Ind AS 114 and specific exemptions for long-term foreign currency monetary items. Financial statements prepared under Ind AS therefore cannot be described as IFRS-compliant without further adjustment.

Which IFRS standards have the biggest impact on Indian companies? +

The IFRS standards with the most significant impact on Indian companies include IFRS 9 (Financial Instruments — especially expected credit loss provisioning), IFRS 15 (Revenue from Contracts with Customers — five-step model), IFRS 16 (Leases — recognition of all lease assets and liabilities on balance sheet), and IFRS 3 (Business Combinations — purchase price allocation in M&A transactions).

What is IFRS 1 and what exemptions does it offer? +

IFRS 1 — First-time Adoption of International Financial Reporting Standards — requires a first-time adopter to prepare an opening IFRS balance sheet at the transition date. It provides optional exemptions (such as deemed cost for property, plant and equipment and business combinations prior to the transition date) and mandatory exceptions (such as estimates and derecognition of financial assets) to reduce the cost and complexity of full retrospective application.

Does an Indian company need to audit its IFRS financial statements? +

Whether IFRS financial statements require an audit depends on the purpose for which they are prepared. IFRS statements prepared for a foreign parent for group consolidation may or may not be audited depending on the parent's requirements. IFRS statements prepared for an overseas listing or for submission to a foreign regulatory authority will typically require an audit by an auditor qualified in the relevant jurisdiction.

How do we handle the dual reporting requirement — Indian GAAP or Ind AS plus IFRS? +

Dual reporting is managed by maintaining a reconciliation or conversion layer between the Indian statutory books (prepared under Ind AS or Indian GAAP) and IFRS. We build the conversion adjustments, manage the reporting calendar, and prepare the IFRS pack alongside the statutory close — ensuring both sets of financial statements are produced efficiently from a single underlying dataset.

Meet Your Global Reporting Requirements with Confidence

Expert IFRS implementation and advisory services for Indian businesses with international obligations.

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F.A.Q.

What is GSTR-9 and why is it required?

GSTR-9 is an annual GST return that summarizes all transactions reported during the financial year. It is required to ensure proper reconciliation and compliance with GST laws.

Who is required to file GSTR-9?

All regular GST-registered taxpayers are required to file GSTR-9, except composition dealers, casual taxable persons, and non-resident taxpayers.

What is the due date for filing GSTR-9?

The due date is generally 31st December following the end of the relevant financial year, unless extended by the government.

What details are included in GSTR-9?

It includes details of outward supplies, inward supplies, input tax credit claimed, taxes paid, and adjustments made during the year.

Is GSTR-9 mandatory for all taxpayers?

GSTR-9 is mandatory for most regular taxpayers, but certain small taxpayers may get exemptions based on turnover thresholds notified by the government.

What happens if GSTR-9 is not filed on time?

Late filing may result in penalties and late fees, along with potential compliance issues or notices from GST authorities.