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
How we helped
- 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.