Implementation of IND AS for an MNC Subsidiary

Transitioning to new GAAP rules and regulations under IND AS framework
Client had to complete the work in very limited time with sign off from its Big 4 audit firm
Client team had less exposure to Ind-AS rules and regulations

Detailed impact assessment of GAAP differences between IND AS and Indian GAAP
Educating the management of various elections and its consequences
A detailed line Item wise impact assessment along with a comparison with Indian GAAP
Differences were analysed for level of impact based on cost, implications and process changes.
White papers created to discuss specific peculiar issues in detail and how those are proposed to be handled under the new GAAP

IND AS detailed impact assessment completed and communicated to stakeholders within tight timelines
IND AS compliant Financials prepared along with all the requisite notes to accounts, other schedules & relevant disclosures.
New process and system requirements identified with stakeholder sign-offs
Helped the auditors in timely completion of the audit w.r.t. IND AS compliance check.
Knowledge & expertise gap was bridged.
Cost effective option as compared to availing the same service from big 4
Staff resource & their time were used effectively for other important tasks.
Routine tasks were not affected.
Statutory compliance met within short period of time.