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IFRS

IFRS (International Financial Reporting Standards) is a collection of accounting guidelines that have been developed by IASB (International Accounting Standards Board). In this rapidly growing world, MNC’s are stamping their footmarks in various other foreign countries. Standardization in a broader meaning involves stable and transparent Financial Reporting.

IFRS and IASB are the rule-making financial bodies that have devised some rules for companies to prepare their public company financial statements.

Some benefits of IFRS:

Capital market growth
Drive down costs
Raise capital globally

Praveen Lakshmi & Co Chartered Accountants help you in understanding the rules and guidelines to gain trust and maintain integrity in financial markets.

How do we help?

Advisory services for conversion of Financials from Indian GAAP to IFRS Compliant ones

Praveen Lakshmi & Co Chartered Accountants provides the following services to the companies:

The initial assessment is done to identify standards and their impact
Generate financial statements with regards to recognition, measurement, disclosure
classification of items as per Indian GAAP existing standards.
Implementation of the accounting differences.
Generating full-fledged Indian GAAP to IFRS-compliant financial statements.
Training is provided accordingly to the company staff to prepare Indian GAAP to IFRS compliant financial statements.
Consolidation of compliant financial statements from Indian GAAP to IFRS.

Guidance in IFRS implementation

Praveen Lakshmi & Co Chartered Accountants help you with the phases through which you can successfully implement IFRS in your line of business. Here are the phases:

1st Step: IFRS Impact Assessment

We help the firm with the assessment of the impact of IFRS adoption on Business, Accounting and Reporting Issues, and systems/processes
Identify the key conversion dates and develop a training plan.
Identify the important Financial Reporting Standards that apply to the company and the differences.
The existing systems and processes will be checked for any loopholes and will be worked upon.

2nd step – Preparations for Implementation of IFRS

Documentation of IFRS Accounting Manual.
Revamping of the internal reporting systems and processes.
The first-time adoption (IFRS 1) of IFRS will be followed for adoption
Check for the exemptions and apply
Apply IFRS correctly and consistently, control systems are designed and put in place.

3rd Step – Implementation

The actual implementation of IFRS.
Preparing an opening Balance Sheet at the date of transition to IFRS.
Total application of IFRS as and when required.
Thorough continuous training of transition from IAS to IFRS, and solving difficulties if any.