VKA is a member of IGAL, a worldwide network of independent accountants and lawyers.

International Financial Reporting Standards (IFRS)

The implementation of IFRS, a principle-based set of standards, is not just about changing accounting policies.

We assist clients with:

  • Preparing IFRS compliant financial statements- either consolidated or separate.
  • Design and implement new reporting package for IFRS.
  • The requirements to prepare three years of comparative financial information compliant with IFRS, as well as an IFRS-compliant balance sheet on the date of transition.
  • Along with the balance sheet, preparation of an income statement, statement of changes in equity, statement of cash flows with comparatives is required to be prepared.
  • Reconciliations required with the Indian GAAP and IFRS on first time adoption both in the interim reports as well as annual set of financial statements.

With significant technical skills we can help in

  • Identifying the major applicable differences between the domestic GAAP and IFRS;
  • Interpreting the requirements of IFRS and their application;
  • Understanding best practices for fair value accounting for property, plant and equipment (PPE), investment property and intangible assets.
  • Understanding best practices for valuation of employee benefits
  • Identifying disclosure requirements under the IFRS.