In India, when businesses were simple, simple accounting standards were sufficient. Today, businesses have become complex and have gone much beyond the domestic territories therefore India needs comprehensive and global accounting standards. Move towards Ind-AS is an attempt to bridge this gap. However, Ind AS implementation can have a wide-ranging impact on any company’s processes, systems, controls, income taxes and contractual arrangement.
Successful Ind AS implementation will require a thorough strategic assessment, a robust step-by-step plan, alignment of resources and training, effective project management as well as smooth integration of the various changes into business operations. Sawhney & Sawhney along with its network of associates help you in successful transition and reporting as per IFRS/Ind-AS by providing following services-
- Detailed diagnostic report
- Process design for sustainable reporting
- Implementation support
- Preparation of disclosure and update to financial statements