IFRS/US GAAP Reporting

International Financial Reporting Standards (IFRS) is gaining momentum throughout the world as a single, consistent accounting framework and is positioned to become the predominant GAAP in the near future. More than 120 countries have moved to, or base their local standards on IFRS.

Indian Accounting Standards have not yet kept pace with changes in IFRS and there are significant differences between IFRS and I-GAAP. Recognizing the significance of having full convergence with IFRS, the ICAI has decided to fully converge with IFRS issued by IASB. The Ministry of Corporate Affairs has also announced its commitment to convergence to IFRS. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company’s day-to-day operations or even impact the reported profitability of the business itself.

Role of NJP:

  • IFRS Conversion – Planning and Implementation
  • Conversion from Indian GAAP to US GAAP and Reconciliation
  • Corporate IFRS Training Programme
  • IAS 39 and Financial Instruments
  • Employee Benefits
  • Business Combinations, Consolidation and Joint Ventures
  • Advice on adapting processes, data, and systems for IFRS
  • Tax Implications of IFRS Convergence
  • Valuation and Impairment Testing