IFRS stands for the International Financial Reporting Standards. It is the international accounting framework to organize correctly as well as to report the financial information. IFRS is resultant term of the statement of the International Accounting Standards Board (IASB) based in London. At present, it is the necessary accounting framework in more than 120 countries.

There is substantial consistency in the financial reporting of all businesses using IFRS, that makes it easier to evaluate and compare the financial results of businesses. Using the same rules, it prepares report for the financial position and financial results for the businesses barring any fraudulent manipulation.

Generally Accepted Accounting Principles (GAAP) are fundamental accounting principles and guidelines that provide the framework for comprehensive and inclusive accounting rules, standards and other industry-specific accounting practices.

In India, financial statements are prepared on the basis of accounting standards issued by the Institute of Chartered Accountants of India (ICAI) and the law laid down in the respective applicable acts (for example, Schedule III to Companies Act, 2013 should be compulsorily followed by all companies). The ICAI also announces guidelines time to time on diverse topics to assist in the accounting process and grant clarity.

With the growing presence of MNC's, international compliance requirements, the call for of reporting of Financial Statements has stirred towards global reporting framework.

Where it is required, we prepare reviews and provide an analysis of reporting under International Financial Reporting Standards (IFRS), Indian Accounting Standards (Ind AS) or US GAAP. We also make sure that reporting necessities are effectively met.

Our qualified chartered accountants hold wide-ranging practical experience in financial reporting across multiple jurisdictions and under diverse accounting frameworks (including IFRS , IND AS and US GAAP). We enthusiastically monitor new accounting rules, alert to changing requirements and provide support dealing with multifaceted accounting or reporting challenges, including the conversion to International Financial Reporting Standards (IFRS) and IND AS.

Advisory service by Parikh & Associates is the solution to these compliance requirements of an entity. We support entity in implementation, adoption, and review of the reporting requirements.

On Financial Reporting we offer:

• IFRS and IND AS Conversion
• guidance on Accounting Standards
• organize Accounting/Finance Manuals
• Accounting Assistance
• Documentation, evaluation, testing of Internal Financial Controls (IFC)
• Impairment testing
• Fair Value Accounting
• Post-merger integration of financial reporting process
• Revenue Recognition Processes and Controls
• Development of chart of accounts
• To set up financial statements