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