IFRS Implementation Services

International Financial Reporting Standards (IFRS) are the global benchmark for financial reporting, used in over 140 countries by listed companies, multinationals, and group entities to present comparable, transparent, and decision-useful financial information.

For Indian groups with foreign parents, overseas subsidiaries, planned overseas listings, or cross-border investors, IFRS reporting is often a contractual or regulatory necessity. The transition impacts not just accounting policies but also processes, contracts, KPIs, taxes, and management reporting.

We provide end-to-end IFRS implementation and reporting services — covering applicability, IFRS 1 first-time adoption, GAAP differences, complex standards, group reporting packs, and statutory IFRS audits — helping organisations achieve a smooth, audit-ready, and globally aligned transition.

Our IFRS Implementation Services

IFRS Diagnostic & Roadmap

Assessment of IFRS need, GAAP gap analysis, and detailed transition roadmap with milestones and ownership.

First-Time Adoption (IFRS 1)

Selection of optional exemptions and mandatory exceptions, opening IFRS balance sheet, and reconciliations.

Ind AS to IFRS Bridge

Identification and quantification of carve-outs and differences between Ind AS and IFRS for parallel reporting.

Complex Standards Advisory

Specialist support on IFRS 9, 15, 16, 17, IAS 36, IAS 19, IAS 12, business combinations, and consolidation.

Group Reporting Packs

Design and preparation of IFRS reporting packs for foreign parents, including consolidation schedules and notes.

IFRS Financial Statements

Preparation of standalone and consolidated IFRS financial statements with full disclosures and notes.

Systems & Process Alignment

Configuration of ERP, sub-ledgers, and reporting tools for parallel run, dual GAAP, and IFRS-compliant processes.

Training & Audit Support

Customised IFRS training for finance teams and end-to-end support during IFRS audits and group reporting reviews.

Our Implementation Process

Diagnostic & Scoping

Assessment of IFRS requirement, group structure, and key impact areas across business and finance.

GAAP Gap Analysis

Detailed comparison between current GAAP and IFRS with quantified financial impact on key items.

Conversion & Policy Design

IFRS 1 elections, accounting policy framework, and preparation of opening IFRS balance sheet.

Systems & Reporting

ERP configuration, dual reporting setup, and design of IFRS templates, schedules, and disclosures.

Go-Live & Sustain

First IFRS financials, audit support, ongoing advisory, and updates for new and amended standards.

Why IFRS Implementation Matters

✓ Required for foreign parents and group reporting

✓ Improves global comparability of financials

✓ Supports overseas listings and ADR / GDR plans

✓ Strengthens credibility with global investors

✓ Captures fair value and substance over form

✓ Enables consistent group performance reporting

✓ Reduces audit and regulator observations

✓ Drives stronger finance processes and controls

FAQs on IFRS Implementation

What is IFRS?

International Financial Reporting Standards are accounting standards issued by the IFRS Foundation through the International Accounting Standards Board. They prescribe principles for recognition, measurement, presentation, and disclosure of financial transactions and are used as the primary basis of reporting in most major capital markets globally.

Who needs IFRS reporting in India?

In India, statutory financial statements are prepared under Ind AS or AS rather than IFRS directly. However, IFRS reporting is often required for Indian subsidiaries of foreign-listed groups, companies seeking overseas listings, those with foreign borrowings, joint ventures with global partners, and entities that prepare reporting packs for foreign parents.

What is the difference between Ind AS and IFRS?

Ind AS are largely converged with IFRS but include certain India-specific carve-outs and carve-ins to address local economic and regulatory considerations. As a result, there can be differences in areas such as foreign currency translation, financial instruments, business combinations, and presentation that require careful reconciliation.

What is IFRS 1 and why is it important?

IFRS 1 is the standard on First-Time Adoption of International Financial Reporting Standards. It governs how an entity prepares its first IFRS financial statements, including the choice of optional exemptions, mandatory exceptions, opening balance sheet at the date of transition, and required reconciliations between previous GAAP and IFRS.

Which IFRS standards typically have the biggest impact?

Areas that usually drive significant changes include IFRS 9 (financial instruments), IFRS 15 (revenue), IFRS 16 (leases), IFRS 17 (insurance contracts), IAS 36 (impairment), IAS 19 (employee benefits), IAS 12 (income taxes), and standards on business combinations and consolidation.

How long does an IFRS implementation project take?

Timelines depend on the size and complexity of the group, the diversity of products, geographies, and IT landscape. A typical mid-sized group may require six to twelve months covering diagnostic, conversion, system changes, and parallel run, with ongoing fine-tuning during the first IFRS reporting period.

Does IFRS adoption affect tax computations in India?

Statutory tax computations in India continue to be based on the Income Tax Act and Indian GAAP / Ind AS, not directly on IFRS. However, IFRS-based group reporting can influence transfer pricing, deferred tax workings at group level, and management decisions, so a clear tie-out between IFRS, Ind AS, and tax positions is essential.

Make IFRS Reporting Work for Your Business

Partner with our IFRS specialists to plan, convert, and report with confidence — for global parents, investors, and regulators.

Talk to an IFRS Expert