Implementation of International Financial Reporting Standards (IFRS)
IFRS at present can be viewed as the most important initiative in the financial reporting standards at the global podium. Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, while approximately 90 countries have fully conformed to IFRS as promulgated by the International Accounting Standards Board (IASB) and include a statement acknowledging such conformity in audit reports.
In line with the global trend, the Ministry of Corporate Affairs, Government of India has set out the road map for IFRS convergence in India. Starting 2011 the result of Indian companies will be comparable to their counterparts in Europe, Australia and may be in near future to Japan and US as well.
Conversion to IFRS is much more than a mere technical exercise. The consequences are far wider than financial reporting issues, and extend to various significant business and regulatory matters including compliance with debt covenants, training of employees, modification of IT systems and tax planning.
We have qualified and trained resources to assist in IFRS convergence, balancing both, the short term and the long term objectives of the businesses.