Indian accounting standards
About 112 countries are presently required or permitted to use IFRS in preparation of Financial Statements.
Entities in India are required to comply with Indian Accounting Standards (IndAS)from 1st April, 2016 as announced by the Ministry of Corporate Affairs (MCA) of India. Significant benefits can be derived from converging to IndAS.These include:
- Enhanced comparability of entities.
- Enable benchmarking with Global Peers and improve Brand Valuation.
- Better accesses to global capital markets and reduce cost of capital.
- Impetus to cross-border acquisitions.
- Improve quality and consistency, avoid multi reporting and reduce cost of finance function.
- IndAS Balance Sheet will be closer to economic value
- Economic growth and opportunities for accounting professionals.
With a team of Partners and other Professionals our firm is using their best endeavors to ensure that therequirements of IndAS/IFRS are observed and provide timely guidance on financial reporting system.