Implementation Of IFRS

Client Problem Statement

  • Implementing new GAAP rules and regulations under IFRS framework
  • Indian GAAP very different from GAAP under IFRS framework with little practical guidance available in India on implementation challenges

Recommended Solution

  • Detailed impact assessment of GAAP differences between IFRS and Indian GAAP
  • Detailed impact assessment of changes to process and systems


  • Made a list of all applicable standards to the Company
  • Analysed new GAAP requirements clause-by-clause and compare with Indian GAAP
  • Differences were analysed for level of impact based on cost, implications , system and process changes.
  • Discussion with stakeholders on the impact and steps needed to be taken for implementation
  • White papers created to discuss specific peculiar issues in detail and how those are proposed to be handled under the new GAAP


  • IFRS detailed impact assessment completed and communicated to stakeholders.
  • New process and system requirements identified with stakeholder sign-offs