Indian Accounting Standards (Ind AS)
Convert to Ind AS with a team that has done it before
Whether you have just crossed a net-worth threshold, are heading for an IPO, or your parent has pulled you into the group's Ind AS reporting, the move from Indian GAAP to Ind AS reshapes your numbers, your notes and your controls. We assess applicability, build the transition roadmap, prepare your opening Ind AS balance sheet and restated comparatives, and stand with you through the statutory audit.
A clear, standard-by-standard plan — not a black box. You will understand every adjustment before it hits your accounts.
Why it’s hard
Ind AS rarely lands at a convenient time
A threshold crossed, a parent’s deadline, an IPO — and suddenly the accounts need rebuilding to a new standard, under audit scrutiny. These are the pressure points.
You are not sure Ind AS even applies yet
Net worth, listing status and group relationships all pull companies in under the phased roadmap — and once you are in, you stay in. Getting the trigger date wrong means either scrambling late or restating unnecessarily.
Your parent or acquirer needs an Ind AS reporting pack
A holding company, listed acquirer or overseas group can bring a subsidiary, associate or JV into Ind AS regardless of its own size — often on a tight group-reporting calendar you did not set.
An IPO or fundraise has moved the goalposts
Merchant bankers, due-diligence teams and SEBI expect Ind AS financials and restated comparatives. GAAP books that were fine last year suddenly need rebuilding, fast, and under scrutiny.
The high-impact standards change your reported profit
Revenue timing, leases on the balance sheet, expected credit losses, fair values and deferred tax can each swing your numbers materially. Left to the last mile, they surface as audit surprises.
Comparatives and the opening balance sheet feel daunting
First-time adoption means an opening Ind AS balance sheet, a full set of elections and exemptions, and a restated prior year — reconciled back to your old GAAP so everyone can trust the bridge.
Nobody has connected the tax and MAT angle
Transition adjustments routed through retained earnings and other comprehensive income carry real MAT and deferred-tax consequences. Miss them and you have an accounting answer that is wrong on tax.
What we do
From applicability to audit, standard by standard
The whole conversion — and the standards that actually move your numbers — handled by one team.
Applicability assessment & transition roadmap
We test whether Ind AS applies to you under the Companies (Indian Accounting Standards) Rules, 2015 — by net worth, listing status, and holding, subsidiary, associate or JV relationships — fix your correct transition date, and lay out a phased, dated roadmap to your first Ind AS financial statements.
First-time adoption under Ind AS 101
We build your opening Ind AS balance sheet at the transition date, choose and document the mandatory exceptions and the optional exemptions that genuinely help (deemed cost, business combinations, leases and more), and prepare the reconciliations that explain the move from previous GAAP.
GAAP-to-Ind AS conversion & restated comparatives
A line-by-line diagnostic of every difference between your current Accounting Standards (AS) books and Ind AS, quantified into adjustment entries, with a restated comparative period and clean equity and profit reconciliations that tie the old numbers to the new.
Revenue — Ind AS 115
We re-examine your contracts through the five-step model — identifying performance obligations, allocating the transaction price, and getting the timing right for bundled deals, variable consideration, and over-time versus point-in-time revenue.
Leases — Ind AS 116
We bring your operating leases onto the balance sheet as right-of-use assets and lease liabilities, work through discount rates, renewal and termination options and the short-term/low-value exemptions, and model the impact on EBITDA and key ratios before it lands.
Financial instruments — Ind AS 109
Classification and measurement of financial assets and liabilities, the expected credit loss (ECL) model for receivables and loans, fair valuation of investments and derivatives, and hedge accounting where you use it — an area where the numbers and disclosures both get materially bigger.
Business combinations & consolidation — Ind AS 103 / 110
Purchase price allocation, goodwill and identifiable intangibles, and control-based consolidation — including the group structure, non-controlling interests and intra-group eliminations that a single set of Ind AS group accounts demands.
Fair value measurement — Ind AS 113
A consistent fair value framework across the accounts — the valuation approach, the inputs, and the Level 1/2/3 hierarchy — coordinated with independent valuers where an asset, investment or instrument needs one.
Income taxes & deferred tax — Ind AS 12
We rebuild deferred tax on the balance-sheet (temporary-difference) approach, capture the tax effect of every transition adjustment, and reconcile your effective tax rate — the piece that ties the whole conversion back to what you actually pay.
Employee benefits — Ind AS 19
Actuarial valuation of gratuity and other defined-benefit obligations, splitting remeasurements into other comprehensive income, and getting the disclosures right — coordinated with your actuary so the numbers agree.
Impairment & provisions — Ind AS 36 / 37
Cash-generating-unit testing and impairment of goodwill and long-lived assets under Ind AS 36, and a disciplined look at provisions, contingent liabilities and onerous contracts under Ind AS 37 — so nothing is over- or under-stated.
Disclosures, audit-readiness & the tax interplay
We draft the expanded Ind AS notes and Schedule III (Division II — or Division III for NBFCs) financial statements, assemble the working papers your statutory auditors will ask for, and address the tax consequences of transition, including MAT on adjustments routed through reserves and other comprehensive income.
What sets us apart
A standard-by-standard bridge you can actually follow
We do not just hand you a converted trial balance. For every material adjustment we show the standard, the reason, the entry and its effect on profit, equity and tax — captured in a reconciliation pack that walks from your old GAAP numbers to your new Ind AS ones. Your board understands it, your auditors can audit it, and next year your team can run it. Conversion done once, properly, so it stops being a fire drill.
Who we do this for
Companies that must — or choose to — report in Ind AS
How it works
Assess, convert, audit — then hand it back
Assess & scope
We confirm whether and when Ind AS applies to you, fix the transition date, and diagnose the standards and balances that will move — so you know the shape and size of the change before any work begins.
Convert & reconcile
We prepare your opening Ind AS balance sheet, book the adjustments standard by standard, restate the comparative period, and build the equity and profit reconciliations that bridge old GAAP to new — including the deferred-tax and MAT effects.
Finalise & audit
We draft the Ind AS financial statements and expanded notes, ready the working papers, and take your statutory auditors through every judgement — then leave you with a repeatable process for the years that follow.
Why Agarwal M & Co.
Ind AS done once, properly
Standards depth, not surface familiarity
We work in the high-impact standards — 115, 116, 109, 103, 110, 113 and the rest — day to day, so the hard judgement calls are made with experience, not guesswork.
Accounting and tax under one roof
As a CA firm we see the deferred-tax, MAT and return consequences of every adjustment at the moment we book it — the conversion and its tax answer stay joined up.
Built to pass the audit
Every adjustment arrives with its reasoning and working papers, framed the way statutory auditors expect — so review is smooth and your close does not slip.
We hand the process back to you
You finish the engagement with reconciliations, a policy manual and a team that understands the mechanics — Ind AS becomes something you run, not something you dread.
Questions
Frequently asked
How do we know if Ind AS applies to us?
Applicability turns on your net worth, whether you are listed or in the process of listing, and your relationships within a group. Under the Companies (Indian Accounting Standards) Rules, 2015, the corporate roadmap phased in mandatory Ind AS — from 1 April 2016 for listed and unlisted companies with net worth of ₹500 crore or more, and from 1 April 2017 for the remaining listed companies (net worth below ₹500 crore) and unlisted companies with net worth of ₹250 crore or more. Companies listed only on an SME exchange are excepted. We assess your specific facts and confirm whether — and from which date — Ind AS applies to you.
Our parent company reports in Ind AS but we are small — are we caught?
Very likely, yes. Once a company is required to follow Ind AS, its holding, subsidiary, associate and joint venture companies generally have to apply Ind AS as well, regardless of their own net worth. Group relationships, not just size, drive applicability — so a smaller entity inside an Ind AS group is usually brought in. We map your group and confirm your position.
Can we adopt Ind AS voluntarily, and can we switch back later?
Companies may voluntarily adopt Ind AS ahead of any mandate — often for investor, lender or global-comparability reasons. But adoption is a one-way door: once you prepare Ind AS financial statements, you cannot revert to the previous Accounting Standards. We help you weigh that decision before you commit. (Banks, insurers and NBFCs follow their own separate roadmap and are not permitted to adopt voluntarily.)
What actually changes in our numbers on conversion?
It varies by business, but the usual movers are revenue timing (Ind AS 115), operating leases coming onto the balance sheet (Ind AS 116), expected credit losses and fair-valued instruments (Ind AS 109), fair value measurement (Ind AS 113), deferred tax on the balance-sheet approach (Ind AS 12), and actuarial employee-benefit remeasurements (Ind AS 19). Our diagnostic quantifies which of these matter for you before any entries are passed.
What is first-time adoption and the opening balance sheet?
When you move to Ind AS, Ind AS 101 requires an opening Ind AS balance sheet at your transition date — the start of the comparative period — restated as if Ind AS had always applied, subject to a set of mandatory exceptions and optional exemptions you elect and document. You also present a restated comparative year, with reconciliations of equity and profit from your previous GAAP. We prepare all of it and explain each election we recommend.
How does the conversion affect our tax and MAT?
Materially, and it is easy to miss. Transition adjustments often flow through retained earnings and other comprehensive income rather than the profit and loss, and those carry specific MAT and deferred-tax consequences. Because we are a CA firm, we work the accounting and the tax together — so your Ind AS numbers and your tax position are consistent rather than at odds.
Let’s talk
A confident next step is one conversation away
Tell us what you’re working on and we’ll help you see the clearest path forward — no pressure, just clarity.
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