Ind AS
Advisory
Expert advisory on Indian Accounting Standards — from first-time adoption to ongoing Ind AS reporting, technical accounting opinions, and IFRS convergence for dual-reporting entities.
Ind AS Advisory
The transition from Indian GAAP to Indian Accounting Standards (Ind AS) — India's framework converged with International Financial Reporting Standards (IFRS) — represents one of the most significant changes in Indian financial reporting history. For entities mandated to adopt Ind AS, the transition requires deep technical expertise, careful planning, and experienced guidance.
Our Ind AS practice is led by Abhay Vij (FCA, LL.B, DISA) — a professional who has guided multiple companies through Ind AS transitions, first-time adoption balance sheets, and ongoing quarterly reporting. His experience spans manufacturing groups, IT companies, financial services entities, and foreign subsidiaries.
Beyond transition work, we provide ongoing Ind AS support — technical accounting opinions on complex transactions, training programmes for finance teams, and assistance with investor presentations. Our goal is not just compliance but financial reporting that accurately reflects economic reality and builds genuine stakeholder confidence.
Our Ind AS Advisory Services
Comprehensive services delivered by qualified Chartered Accountants with genuine domain expertise and Big 4 backgrounds.
Ind AS Impact Assessment
Gap analysis between existing Indian GAAP policies and Ind AS requirements. Quantification of transition adjustments. Identification of policy choices available under Ind AS 101 (First-time Adoption).
Ind AS Implementation
End-to-end implementation project management — restating opening balance sheet, preparing comparative period financials, updating accounting policies, and training the finance team on new requirements.
First-Time Adoption (Ind AS 101)
Guidance on exemptions and exceptions available under Ind AS 101. Opening balance sheet preparation. Management of deferred tax impacts, goodwill adjustments, and fair value elections at transition date.
Financial Statement Preparation
Complete Ind AS financial statements — Balance Sheet, P&L, OCI, Cash Flow, and Notes — including full disclosure checklists and compliance with all applicable standards.
Technical Accounting Opinions
Written technical opinions on complex accounting matters — business combinations, financial instruments, lease accounting, revenue recognition, share-based payments, and impairment testing.
IFRS Convergence Advisory
Assistance for entities dual-reporting under Ind AS and IFRS for overseas listing or foreign parent reporting. Reconciliation of differences and preparation of IFRS-adjusted financial statements.
Ind AS Training Programmes
Customised training for CFOs, finance controllers, and accounts teams — covering all relevant standards, practical examples, and hands-on case studies based on the client's own transactions.
Ongoing Quarterly Support
Continuous support for quarterly financial reporting — reviewing draft financials, flagging disclosure gaps, advising on new transactions, and assisting with statutory auditor responses.
Our Step-By-Step Process
Detailed comparison of existing Indian GAAP accounting policies against Ind AS requirements. Identification of all differences and their quantitative impact on financial position and profitability.
Designing the transition approach — including policy elections under Ind AS 101, data requirements, system changes, and a project plan with clear milestones and responsibilities.
Restating the opening balance sheet, preparing comparative period financials, and drafting updated accounting policies — with detailed technical memos supporting every significant judgement.
Ongoing support for quarterly and annual Ind AS reporting — reviewing financials, advising on new transactions, preparing technical memos, and supporting audit responses.
Our Key Differentiators
Technical Depth
Our partners have handled some of the most technically demanding Ind AS implementation projects — including Ind AS 116 lease portfolios with thousands of contracts and Ind AS 109 ECL models for financial service entities.
Practical Focus
We combine technical rigour with practical implementation experience — understanding that the best accounting treatment is one that can actually be implemented by the finance team with available data and systems.
Audit-Ready Output
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.
Frequently Asked
Questions
Detailed answers to questions commonly asked by clients and prospects about our ind as advisory services.
Ind AS is mandatory for: listed companies and unlisted companies with net worth ≥ ₹500 crore (from FY2016-17), and all other listed companies and unlisted companies with net worth ≥ ₹250 crore (from FY2017-18). NBFCs have their own phase-in schedule. Banks have been covered in subsequent phases. Small and medium companies not covered by the above may voluntarily adopt Ind AS.
The most challenging aspects typically include: (1) Ind AS 116 — Lease accounting, requiring recognition of right-of-use assets and lease liabilities for most leases, (2) Ind AS 109 — Financial Instruments, particularly Expected Credit Loss modelling, (3) Ind AS 115 — Revenue recognition using the five-step model, and (4) Deferred tax accounting under Ind AS 12 using the balance sheet approach. We have experience handling all these standards across multiple client implementations.
No. Once an entity adopts Ind AS, it cannot revert to Indian GAAP. The adoption is permanent and mandatory going forward. This makes the first-time adoption a critical decision — the choices made under Ind AS 101 have long-term consequences on reported financial position and profitability. Professional guidance at the transition stage is therefore essential, not optional.
While Ind AS is largely converged with IFRS, there are carve-outs — primarily in Ind AS 101 (additional exemptions for Indian entities), certain effective date differences, and some disclosure relaxations. Additionally, some Ind AS standards have additional requirements beyond IFRS. We maintain a current mapping of all Ind AS-IFRS differences for our international clients requiring dual-reporting.
Ind AS applies to both standalone and consolidated financial statements. All companies within the Ind AS applicability scope must prepare both standalone and consolidated financial statements under Ind AS — not just consolidated financials. This means every entity in the group's consolidation perimeter must maintain Ind AS-compliant accounting records.
Related Services
High-Impact Ind AS Standards We Advise On
Certain Ind AS standards carry disproportionately large impact on the balance sheet and P&L — either because of their conceptual departure from Indian GAAP or their technical complexity. These are the areas where professional guidance makes the biggest difference.
Right-of-use asset recognition, lease liability measurement, variable lease payments, sale-and-leaseback transactions, and the practical expedients for short-term and low-value leases. Particularly impactful for companies with large real estate or vehicle fleets.
Classification and measurement of financial assets (FVTPL, FVOCI, amortised cost), Expected Credit Loss (ECL) modelling for trade receivables and loans, and hedge accounting. Highly technical and quantitative — requires financial modelling expertise.
Five-step revenue recognition model: identifying contracts, performance obligations, transaction price, allocation, and recognition. Particularly complex for construction contracts, SaaS businesses, and multi-element arrangements.
Purchase price allocation, goodwill computation, identification of intangible assets, measurement of non-controlling interests, and subsequent goodwill impairment testing under Ind AS 36.
Balance sheet approach to deferred tax — creating DTAs and DTLs on all temporary differences between book and tax carrying amounts. More comprehensive than the old income statement approach under AS 22.
| Area | Indian GAAP | Ind AS |
|---|---|---|
| Leases | Finance / Operating split | ROU Asset on Balance Sheet |
| Revenue | Risks & rewards model | 5-step performance model |
| Investments | Cost / Lower of cost & NRV | Fair value measurement |
| Deferred Tax | Timing difference (P&L) | Temporary difference (B/S) |
| Goodwill | Amortised over useful life | Annual impairment test |
Who Is Required to Follow Ind AS?
Listed Companies
All companies listed on Indian stock exchanges — NSE, BSE — are mandated to prepare financial statements under Ind AS from FY 2016-17 onwards.
Net Worth ≥ ₹500 Cr
Unlisted public and private companies with net worth ≥ ₹500 crore are required to follow Ind AS — mandatory from FY 2016-17 (Phase I).
Net Worth ≥ ₹250 Cr
All other listed and unlisted companies with net worth ≥ ₹250 crore were mandated under Phase II from FY 2017-18 onwards.
Banks & NBFCs
Scheduled commercial banks (FY 2018-19 onwards) and NBFCs with net worth ≥ ₹500 crore have their own phase-wise Ind AS roadmap.
Ready to Discuss Your Requirements?
Speak with our partners today — confidential, no-obligation consultation.