With India’s convergence towards global financial reporting standards, Ind AS (Indian Accounting Standards) has become a cornerstone of transparent and globally comparable financial reporting. Aligned with International Financial Reporting Standards (IFRS), Ind AS is now mandatory for specified classes of companies, and its implementation is crucial for businesses looking to remain compliant, investor-ready, and strategically agile.

At Fincom India, we specialize in seamless Ind AS implementation for organizations across industries, ensuring a smooth transition from Indian GAAP to Ind AS with minimal disruption and maximum insight.

What is Ind AS?

Ind AS refers to Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015. These standards:

• Follow the IFRS framework

• Emphasize fair value accounting

• Are principle-based, unlike the previous rule-based Indian GAAP

• Prioritize substance over legal form

• Shift focus from the profit & loss account to the balance sheet-driven reporting

Why Ind AS Matters

Transitioning to Ind AS impacts almost every financial and operational process, including:

• Revenue recognition models

• Accounting for financial instruments

• Business combinations and group consolidations

• Deferred taxation and MAT credit treatment

• Leases, employee benefits, and share-based payments

The change is not merely an accounting adjustment—it’s a transformational project requiring significant planning, training, and system upgrades.

Our Ind AS Implementation Process

1. Preliminary Impact Assessment

We begin with a diagnostic review to assess the extent of impact Ind AS will have on your current accounting policies, financials, and disclosures.

2. Key Standards Mapping

We identify high-impact standards relevant to your business operations—such as Ind AS 115 (Revenue), Ind AS 109 (Financial Instruments), Ind AS 110 (Consolidated Financials), and Ind AS 103 (Business Combinations)—and quantify their financial and operational implications.

3. First-Time Adoption (Ind AS 101)

We guide you through the first-time adoption options available under Ind AS 101, and assist with:

• Preparing the opening balance sheet as per Ind AS

• Restating financials from the transition date

• Managing exceptions to retrospective application and voluntary exemptions

4. System and Process Realignment

We help integrate Ind AS into your ERP systems and financial processes to ensure accurate recognition, measurement, classification, and disclosure going forward.

5. Staff Training and Stakeholder Communication

Our team provides detailed training sessions for your finance, audit, and managerial teams, and prepares clear communication for boards, investors, and external stakeholders.

6. Compliance and Audit Support

We assist with preparing Ind AS-compliant financial statements, disclosures, and reconciliations for audit purposes, ensuring your business meets all statutory requirements with confidence.

Challenges We Help You Overcome

• Complex revenue models (multi-element, percentage of completion, etc.)

• Valuation of financial instruments and embedded derivatives

• Transition adjustments and deferred tax implications

• Lease accounting and employee benefit obligations

• Impact on KPIs, covenants, and investor communication

Why Choose Fincom India?

Domain Expertise: Deep knowledge of Ind AS, IFRS, and sector-specific nuances
End-to-End Support: From planning to execution, audit coordination, and beyond
Custom Training: Tailored workshops to upskill internal teams
Project Management: Dedicated team ensuring timely, smooth conversion
Technology Alignment: Integration support with your existing ERP or accounting systems

Industries We Serve

• Manufacturing & Engineering

• Real Estate & Infrastructure

• BFSI

• Technology & SaaS

• Retail & FMCG

• Energy & Utilities

Transform financial reporting from compliance to competitive advantage.
Partner with Fincom India for your Ind AS transition.