Ind AS Advisory
Expert advisory on Indian Accounting Standards — first-time adoption, ongoing Ind AS reporting, technical accounting opinions, and IFRS convergence support.
Ind AS Advisory
The transition from Indian GAAP to Ind AS — converged with IFRS — is one of the most significant changes in Indian financial reporting history. For entities mandated to adopt, the transition requires deep technical expertise, careful planning, and experienced guidance.
Our Ind AS practice is led by Abhay Vij (FCA, LL.B, DISA, PwC alumni) — who has guided multiple companies through Ind AS transitions, first-time adoption balance sheets, and ongoing Ind AS reporting. He specialises in IFRS, Ind AS, and IPO Advisory. His experience spans manufacturing groups, IT companies, financial services entities, MNC subsidiaries, and IPO-bound companies.
- Ind AS Impact Assessment — gap analysis from Indian GAAP
- First-Time Adoption (Ind AS 101) — opening balance sheet and restated comparatives
- IFRS Convergence Advisory for dual-reporting entities
- Financial Statement preparation — Balance Sheet, P&L, OCI, Cash Flow, Notes
- Technical Accounting Opinions on complex transactions
- Ind AS 116 Leases — ROU asset, lease liability, portfolio approaches
- Ind AS 109 Financial Instruments — ECL modelling, hedge accounting
- IPO Advisory — Ind AS financial statements for DRHP/RHP
Our Ind AS Advisory Services
Comprehensive services by Chartered Accountants, Company Secretaries and US CPAs with Big 4 experienced backgrounds.
Detailed gap analysis between existing Indian GAAP policies and Ind AS requirements. Quantification of transition adjustments and identification of policy choices under Ind AS 101.
Guidance on exemptions and exceptions available at transition. Opening balance sheet preparation, deferred tax impacts, goodwill adjustments, and all fair value elections.
Complete Ind AS financial statements — Balance Sheet, P&L, OCI, Cash Flow, Changes in Equity, and Notes — with full disclosure checklists for all applicable standards.
Written opinions on complex matters — business combinations (Ind AS 103), financial instruments, lease accounting, revenue recognition (Ind AS 115), share-based payments, and impairment.
Assistance for entities dual-reporting under Ind AS and IFRS for overseas listing or foreign parent reporting. Reconciliation of differences and IFRS-adjusted financial statements.
Implementation — identifying lease contracts, calculating ROU assets and lease liabilities, variable payments, modification accounting, and full disclosure compliance.
Classification and measurement, Expected Credit Loss (ECL) modelling, impairment allowance calculations, and hedge accounting implementation for treasury teams.
Ind AS financial statements for DRHP/RHP SEBI filings. Restated financials for the required look-back period, accounting policy review, and liaison with merchant bankers.
Our Step-By-Step Process
Detailed comparison of existing Indian GAAP accounting policies against Ind AS. Quantification of all material differences and their impact on financial position and reported profitability.
Designing the transition approach — policy elections under Ind AS 101, data requirements, system changes, and a comprehensive project plan with clear milestones and responsibilities.
Restating the opening balance sheet, preparing comparative period financials, drafting updated accounting policies — with detailed technical memos supporting every significant judgement.
Continuous quarterly and annual Ind AS support — reviewing financials, advising on new transactions, preparing technical memos, and supporting the statutory audit response process.
Our Key Differentiators
Our partners have handled technically demanding implementations — large lease portfolios under Ind AS 116, ECL models under Ind AS 109, and complex business combinations under Ind AS 103.
We combine technical rigour with practical implementation experience — understanding that the best accounting treatment is one that can actually be implemented with the data and systems available.
All our Ind AS financial statements and technical memos are prepared to be defensible under scrutiny by Big 4 statutory auditors — ensuring smooth audit closure and zero surprises.
FCA, LL.B, DISA. 15+ years. PwC alumni. Specialises in IFRS, Ind AS implementation, IPO Advisory, MNC subsidiary compliance, and Big 4 audit support. Deep expertise in technically complex accounting standards.
Frequently Asked Questions
Ind AS is mandatory for listed companies and unlisted companies with net worth ≥ ₹500 crore (from FY2016-17), and all other listed and unlisted companies with net worth ≥ ₹250 crore (from FY2017-18). NBFCs, banks, and insurance companies have their own phase-in schedules. Small and medium companies not covered by the mandatory thresholds may voluntarily adopt Ind AS.
The four most challenging areas are: (1) Ind AS 116 — Lease accounting, requiring recognition of ROU assets for virtually all leases; (2) Ind AS 109 — Expected Credit Loss modelling for receivables; (3) Ind AS 115 — Revenue recognition using the five-step model; and (4) Deferred tax under Ind AS 12 using the balance sheet approach. We have managed each of these across multiple implementation projects.
No. Once an entity adopts Ind AS, the adoption is permanent and irrevocable. The company cannot revert to Indian GAAP. This makes first-time adoption a critical decision — the accounting policy choices made at transition have long-term consequences on reported financial position and profitability. Professional guidance during the transition is essential.
While Ind AS is largely converged with IFRS, there are carve-outs — primarily in Ind AS 101 (additional transition exemptions), some effective date differences, and certain disclosure relaxations for unlisted entities. We maintain a current mapping of all Ind AS-IFRS differences for our international clients who require dual-reporting under both frameworks.
Yes. Ind AS applies to both standalone and consolidated financial statements. All entities within the mandatory Ind AS applicability scope must prepare both sets of financials under Ind AS — and every entity in the consolidation perimeter must maintain Ind AS-compliant accounting records.