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| IFRS CONVERGENCE AND REPORTING |
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India has set a roadmap for convergence with International Financial Reporting Standards (IFRS) commencing from 1 April, 2011. The convergence with IFRS standards is set to change the landscape for financial reporting in India. IFRS represents the most commonly accepted global accounting framework as it has been adopted by more than 100 countries and accounting bodies across the globe are aligning their existing accounting standards and/or issuing new accounting standards to conform with IFRS.
Finance Professionals not already familiar with the Principle of IFRS will be faced with the challenge of developing a working knowledge of IFRS as quickly as possible. India being one of the key global players, migration to IFRS will enable Indian entities to have access to international capital markets without having to go through the cumbersome conversion and filing process. It will lower the cost of raising funds, reduce accountants' fees and enable faster access to all major capital markets. |
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| We can assist in various ways in an entity's IFRS conversion process including: |
- Performing end-to-end conversion from local GAAP to IFRS/ US GAAP.
- Conversion from International GAAP to Indian GAAP for Indian consolidation.
- High level diagnostic review of GAAP differences.
- Suggest appropriate accounting treatment where IFRS/ US GAAP provides option to choose between alternative accounting treatments.
- Assisting with drafting IFRS/ US GAAP financial statements.
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| How SPC is taking strides in IFRS convergence: |
| At SPC, we track the developments of IFRS globally and how India gears up for its transition. It is our endeavor to provide our clients with insights on emerging trends, concerns on transition to IFRS and its implementation. Our team of senior partners has undergone extensive training to understand the finer nuances of the IFRS implementation in India. Our firm is actively advising its existing clients on the roadmap for the IFRS implementation and also seeking out new assignments for IFRS implementation and convergence advisory. |
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| Our Professional Experience in IFRS |
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Delivered an independent auditors' report in accordance with International Standards on Auditing on whether the company's financial statements were prepared in conformity with International Financial Reporting Standards. |
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Imation is a large multinational company based in Singapore. SPC has been advising the company's finance team on the roadmap to IFRS implementation . We have been advising the company on High level diagnostic review of GAAP differences. |
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JCT is a listed company on the National Stock Exchanges. SPC has been advising the company's finance team on the roadmap to IFRS implementation . We have also been advising JCT on the appropriate accounting treatment where IFRS/ I-GAAP provides option to choose between alternative accounting treatments |
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