Converging Indian entities operating under the existing accounting standards to IFRS. Scope can be agreed only for certain components.
INR 5,400-9,000/man day
1. Understand the business. 2. Understand the existing chart of accounts maintained and review the transactions which populate each of the account balance at the general ledger level. 3. Based on the understanding obtained on review of the accounting transactions identify potential areas of differences in accounting principles between existing accounting policy and the accounting policy prescribed under IFRS for the financial captions which form part of the scope. 4. Based on point 3 above carry out a detailed analysis of the transactions under the financial captions which form part of the scope with potential differences in the accounting treatment by review of relevant records and documents maintained by the entity in this regard. 5. Based on point 4 above analyse and calculate the potential impact arising out of differences in the accounting treatment between existing accounting policy and IFRS accounting standards. 6. Summarise the accounting impacts quantified in point 5 above and present the same to the management of the entity. 7. If under scope, then prepare the financial statements (balance sheet) on the date of transition along with the financial statements for the current period with the corresponding comparatives.
1. Financial statements under the existing accounting principles including workings which form the backup of such financial statements. 2. Q&A session with the accounting personnel to understand the transactions which the entity records in the books of accounts. 3. Underlying documents/records maintained by the entity in areas where potential accounting treatment differences have been identified.