International Financial Reporting Standards (IFRS)
IFRS and Ind AS reporting — conversion, group reporting packages, accounting position papers and disclosure support.
- Estimate Cost
- ₹50,000 – ₹5,00,000
- Typical duration
- 30 days
Service overview
- IFRS (International Financial Reporting Standards) and Ind AS (Indian Accounting Standards, converged with IFRS) govern how companies recognise, measure and disclose financial information
- Adopting them ensures globally comparable and audit-ready financial statements
Who needs it? / When is it needed?
- Listed companies and unlisted companies with net worth of Rs 250 crore or more, plus their holding, subsidiary and associate companies (Ind AS).
- Indian subsidiaries reporting to foreign parents under IFRS.
- Companies planning an IPO or global fundraising.
What to expect from the WCP Professionals
- Applicability assessment.
- Ind AS/IFRS gap analysis.
- First-time adoption and opening balance sheet.
- Implementation of revenue (Ind AS 115/IFRS 15), lease (Ind AS 116/IFRS 16) and financial instrument standards.
- Group consolidation, disclosures and EPS calculations.
- Auditor coordination and staff training.
Key deliverables
- Gap analysis report.
- Transition adjustments and reconciliations.
- Accounting policy manual.
- Ind AS/IFRS financial statements with disclosures.
Standard turnaround time
- Gap analysis: 2–4 weeks.
- Full conversion: 2–6 months.
- Ongoing quarterly and annual reporting support.
Government fees, timelines & key outcomes
- No government fee.
- Financial statements are filed with the MCA in XBRL format where applicable.
- Key outcome: compliant, globally comparable financial statements.
Forms & filings involved
- Ind AS financial statements.
- AOC-4 XBRL filing with the MCA.
- Group reporting packs for foreign parents.
Documents required
- Trial balances and previous financial statements.
- Contracts (revenue, leases, loans).
- Fixed asset registers.
- Group structure.
- Existing accounting policies.
What we need from you
- Involvement of the finance team.
- Timely data.
- Coordination with statutory auditors.
Important conditions
- Once adopted, Ind AS cannot be reversed.
- Transition can significantly affect reported profit and equity.
- The final audit opinion rests with the auditors.
Additional information
- Train your finance team for ongoing compliance.
- Related services: Statutory Audit, Transfer Pricing, CbC Reporting.
The estimated cost covers indicative professional fees only. Government fees, stamp duty and taxes are payable at actuals.
How it works
- 1. Raise a service enquiry describing your requirement.
- 2. A Relationship Manager reviews it and opens it for bidding.
- 3. Pay into escrow and assign the professional you select.
- 4. Track progress to completion, then accept and release payment.
Frequently asked questions
Do Indian companies report under IFRS?
Indian companies report under Ind AS, which is converged with IFRS; subsidiaries of foreign groups often also prepare IFRS reporting packages.
What are the main differences between Ind AS and IFRS?
India-specific carve-outs, for example on certain foreign-currency and business-combination matters.
What is a group reporting package?
Financial information prepared in the parent's accounting framework and format for consolidation.
Which standards cause the most adjustments?
Revenue (IFRS 15), leases (IFRS 16), financial instruments (IFRS 9) and business combinations are common areas.