We believe that the transition from Accounting and Reporting Practices from Generally Accepted Accounting Principles ("GAAP") to International Financial Reporting Standards ("IFRS") should be made in smooth and planned manner involving step-by-step byte size approach, to achieve the objective by behaving in a goal oriented manner. Education and training of staff is essential for successful implementation of IFRS (Ind AS). It is more than just accounting change but which has an organisation wide impact across all sectors. That is why we have come up with a one of its kind training program.
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We have researched on IFRS for the last 8 years and after interacting with clients, our experience suggest that IFRS is more than an accounting change and is something that needs to be realised. There will be significant changes in Profits, Dividend policy, EBITDA, Tax planning etc. because of this transition and companies need to plan well in advance to incorporate this change and ensure smooth transition. While IFRS in India is a reality now, it is of utmost importance for India Inc to gear up and embrace this change. This is why we have come up with a range of consultancy and assistance services.
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We can create worked examples, case studies, Excel templates and other ancillary tools best suited to your organisation's requirements. For example, if you are in Real Estate Industry, and you would like to know how IFRS 15 (the new Revenue Standard) affects your business practices, then we can develop specific material based on your particular scenario.
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We can assist in integrating IFRS into your course curriculum for Academic Institutes, Colleges and B-Schools. Ultimately, these students will be joining the corporates soon where they need to be well versed with industry norms otherwise they will be outdated from the market. Being able to communicate in the same global accounting language (IFRS) is what employers are looking for currently. Therefore a college graduate, part qualified students and individuals who are pursuing CA need to have a reasonable command over IFRS to be able to enhance their career and earn a higher salary package.
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IASB has released its long-awaited new standard on Leases IFRS 16