Today due to globalization and liberalization, the world has become an economic village. There is the different accounting framework in different countries which creates the inconsistency in presentation of financial statements which leads to confusion across the world. Therefore, In July 2014, the finance minister of India has announced the adoption of (Indian Accounting Standards (IND AS)).
IND AS are harmonized with IFRS which is used by an Indian company which made reporting process more globally accessible In India, the Ministry of Corporate Affairs (MCA), in 2015, had notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015, which read as for applicability of IND AS is to be done in a phased manner which begins from the Accounting period 2016-17. As of now the IND AS are applicable on the Listed company and the company has a net worth of more than 250 crores.
We at Whatif Advisors provide you all services related to assisting in preparing/ converting and Auditing the financial statement into (Indian Accounting Standards (IND AS)). We also help our clients to decide policies and procedures required to be implemented for Ind AS.
In Case for queries related to the assurance and risk advisory section please feel free to contact firstname.lastname@example.org.