IFRS Services

The convergence of Accounting Standards towards International Financial Reporting Standards (IFRS) is gaining momentum across the globe and accounting bodies such as International Accounting Standards Board (IASB) and the US Financial Accounting Standard Board (FASB) have already initiated the ground work on converging the International Financial Reporting Standards and Generally Accepted Accounting Standards (GAAP).

It’s been a challenge getting through the IFRS conversion process and initial reporting period. 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.

If this is your state of affairs

  • You want to know the impact on reported performance measures and whether your profit is likely to be more volatile.
  • You need to ensure you have enough people with the right skills to complete the transition and embed the necessary changes within the company.
  • You are unsure of the additional data you are required to collect, whether your systems are able to capture that data, or if your controls are adequate.
  • You want to assess the tax implications of moving to IFRS.
  • You want to optimise all decisions related to IFRS conversion and ensure that any wider business opportunities are considered.

How can A K TEKRIWAL & CO. help?

With experienced professionals A K TEKRIWAL & CO. can provide consistent, yet tailored, services for its clients.

IFRS conversions should be managed in phases and work streams. The assessment phase is one of the many important phases, identifying accounting and reporting differences and assessing their impact on IT-systems, processes and the way to manage business.  In the design phase, accounting policies are defined and training modules prepared. In the final phase, all designed changes must be implemented and rolled-out.

Our IFRS conversion services offer clients the following:

  • A standardized, cost-efficient approach that is both flexible and adaptable
  • An internationally developed, practice-tested method
  • Advice on technical accounting and support tools .
  • Allocation purchase price related to business combinations.
  • Assess the moving of tax implications to IFRS.
  • Better access to and reduction in the cost of capital raised from global capital markets.
  • Business Combinations .
  • Capital market transactions.
  • Consistent application of accounting principles.
  • Consolidated Financial Statements.
  • Conversion to IFRS.
  • Corporate governance.
  • Deferred Tax Accounting.
  • Employee Benefits.
  • Expertise in Transitional IFRS project management tool.
  • Fair Value Accounting.
  • Financial Instruments.
  • Foreign currency translation.
  • IFRS Comparison with Indian GAAP.
  • Improvement in comparability of financial information and financial performance with global peers and industry standards.
  • Improvement in reliability of financial statements.
  • Introduction to IFRS.
  • Objective assessment of project processes, controls, and deliverables.
  • Optimize all decisions related to IFRS conversion and ensure that wider business opportunities are considered.
  • Preparation of IFRS financial statements.
  • Provide guidance on customizing processes, data, and systems for IFRS.
  • Regulatory compliance.
  • Systems support.
  • Valuation and mutilation testing.
  • Tools personalized for IFRS implementation.

Our professionals in IFRS conversion projects are technically sound and they therefore balance the high level of technical accounting knowledge necessary for an IFRS conversion with the advisory skills which help the practitioner to manage their conversion project most effectively.