Ind AS Consulting Services

Ind-AS has been made applicable from the financial year 2016–2017. At Azebons, we specialize in supporting corporates through a seamless transition to this new statutory framework.

1. Ind AS implementation road map
 Phase IPhase IIVoluntary adoption
Year of adoptionFY 2016 – 17FY 2017 – 18FY 2015 -16 or thereafter
Comparative yearFY 2015 – 16FY 2016 – 17FY 2014 – 15 or thereafter
Covered companies   
(a) Listed companiesAll companies with net worth >= INR500 croresAll companies listed or in the process of being listedAny company could voluntarily adopt Ind AS
(b) Unlisted companiesAll companies with net worth >= INR500 croresCompanies having a net worth >= INR250 crores 
(c) Group companiesApplicable to holding, subsidiaries, joint ventures, or associates of companies covered in (a) and (b) above. 

2. Various stages under Ind-AS implementation:

3. Scope of work

Our comprehensive approach is designed to deliver an end-to-end solution, ensuring a smooth transition from existing accounting practices to Indian Accounting Standards (Ind AS), starting from Financial Year 2016–17.

The scope of work includes:

  • Identification of key differences between current Indian GAAP and Ind AS, including accounting and reporting variations
  • Evaluation and selection of applicable exemptions under Ind AS 101
  • Impact assessment across various business components, including financials and IT systems
  • Development of a detailed implementation roadmap based on the impact analysis
  • Assistance in preparing Ind AS-compliant financial statements for the transition date, comparative period, and reporting period
  • Support in preparing the opening balance sheet as of 1st April 2016
  • Assistance in preparing financial statements for the comparative period (FY 2016–17) and reporting period (FY 2017–18)
  • Conducting training sessions to facilitate knowledge transfer and help teams understand post-transition changes
  • Support during statutory audits, including discussions with auditors to address and resolve any differences in interpretation related to Ind AS transition