Conversion of Financial Statements to IND-AS / IFRS
Accounting standards change once a business crosses a certain size or operates internationally. Indian companies move from traditional Indian GAAP to Ind-AS, and global businesses often require reporting under IFRS.
But financial statements don’t automatically fit into new standards. They need careful restatement, reclassification, and fresh disclosures.
We provide structured conversion services that transform your existing accounts into compliant Ind-AS or IFRS financials.
What Is Financial Statement Conversion?
Conversion means taking your current audited financial statements and preparing them again as per a different accounting framework.
That involves:
identifying differences between old and new standards
adjusting recognition and measurement policies
regrouping accounts
preparing required notes and disclosures
ensuring the final statements meet regulatory requirements
It is more than a format change. What this really means is rebuilding accounts with a new accounting logic.
Services Offered:
Under our Ind-AS / IFRS Conversion Services, we handle:
Ind-AS Conversion
Conversion of standalone and consolidated financial statements to Ind-AS
Preparation of opening balance sheet as per Ind-AS
Impact analysis of transition adjustments
Fair valuation of assets and liabilities
Reclassification of revenue and expense items
Preparation of Ind-AS compliant schedules
Drafting detailed notes to accounts
Assistance in audit finalization under Ind-AS
Advisory on selection of accounting policies
IFRS Conversion
Restatement of Indian GAAP statements to IFRS
Preparation of IFRS compliant group reporting packs
Consolidation support for foreign parent companies
Revenue recognition adjustments
Lease accounting restatement
Financial instruments valuation
Segment reporting and related disclosures
Preparation of comparative IFRS financial statements
Coordination with overseas auditors
We work with companies and advisors across countries to align Indian books with global reporting.
Who Needs These Services ?
Our services are ideal for:
Companies notified for mandatory Ind-AS applicability
Indian subsidiaries of foreign companies
Businesses planning overseas listing
Entities requiring consolidated reporting to global headquarters
Startups seeking foreign investment
Companies shifting to IFRS for investor reporting
Groups needing uniform accounting policies
Ind-AS and IFRS reporting improves transparency and investor confidence. We help you reach that stage correctly.
Why Choose Us ?
Businesses prefer large chartered accountant firms in Mumbai for accounting conversions because the work demands depth and experience.
Here’s why clients choose us:
Technical Expertise – strong understanding of both Ind-AS and IFRS frameworks
Structured Transition – clear impact reports before final conversion
Practical Implementation – adjustments aligned with your existing ERP
Consolidation Support – for multi-entity groups
Audit Coordination – assistance during statutory audits
End-to-End Delivery – from opening balance sheet to final statements
When you work with one of the best chartered accountant firms in Mumbai, conversion becomes far less stressful.
Our Approach-
Study of existing financial statements
Understanding business operations and contracts
Gap analysis between Indian GAAP and Ind-AS / IFRS
Preparation of adjustment entries
Restatement of statements
Drafting fresh disclosures
Coordination with auditors
Finalization of converted financials
You get compliant statements without disturbing day-to-day accounting.
Frequently Asked Questions
1. What is Ind-AS conversion?
It is the process of restating Indian GAAP financial statements as per Ind-AS standards mandated by the Companies Act.
2. What is IFRS conversion?
Preparing financial statements in line with International Financial Reporting Standards for global reporting.
3. Is Ind-AS mandatory?
Yes, for specified classes of companies based on net worth and listing status.
4. Do you convert consolidated statements?
Yes. We handle both standalone and consolidated financials.
5. How long does conversion take?
Normally 2 to 4 weeks depending on size and complexity.
6. Will conversion require fresh audit?
Converted statements are reviewed and audited by statutory auditors. We support that process.
7. Can ERP data be used for IFRS reporting?
Yes, after necessary adjustments and regroupings.
8. What documents are required?
Audited financials, trial balance, fixed asset register, and major contracts.
Industries We Serve
We provide conversion services for:
Manufacturing companies
NBFCs and financial institutions
IT and ITeS units
Trading businesses
Real estate groups
Educational institutions
Foreign-owned Indian subsidiaries
Startups and growing SMEs
Need Ind-AS / IFRS Reporting?
If you are searching for reliable advisors across websites of chartered accountant firms in Mumbai, N D Savla & Associates offers professional conversion of financial statements to Ind-AS and IFRS.
Contact us to understand the impact of transition and get your accounts converted correctly.
