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IFRS stands for International Financial Reporting Standards. Here the International Accounting Standards Board sets the accounting standing and it becomes global standard for the financial statement of the public company.
By adopting IFRS a business can present its financial statement like forign competitors which will be helpful to compare the financials easily. Further if subsidiary companies wish to use IFRS then they can use one accounting language globally.
Companies also need to comply with the requirements of IFRS if they are a subsidiary of a forein company or if they have foreign investor which reports under IFRS.
IFRS Conversion Services
FAQ
Common List Of Questioner That Our Customer Ask From Us -Solved !
IFRS conversion services are to be managed in Phases and work streams. The IFRS phases includes-
1. Assessment phase
2. Identifying accounting and reporting differences and assessing their impact on IT systems.
3. Process and solutions to manage the business.
4. The Accounting Phase includes-
- Whether the accounting policies are defined or not?
- Whether the blueprints for IT systems change are created?
- Whether the training modules are prepared or not?
5. The final phase includes whether all the changes designed must be implemented and rolled out.
2. Identifying accounting and reporting differences and assessing their impact on IT systems.
3. Process and solutions to manage the business.
4. The Accounting Phase includes-
- Whether the accounting policies are defined or not?
- Whether the blueprints for IT systems change are created?
- Whether the training modules are prepared or not?
5. The final phase includes whether all the changes designed must be implemented and rolled out.
What BIATConsultant Provides In IFRS Services In India
Global documentation also includes worldwide management and support which helps the multinational organizations which includes-
1. Design Budgetary Control system
2. Determine measures for effective capital utilization.
3. Assist the management how to effectively and productively use the working capital.
4. Review the financial planning and policies to effectively utilize the resources.
5. Prepare the feasibility study report for new projects and expansions.
1. Design Budgetary Control system
2. Determine measures for effective capital utilization.
3. Assist the management how to effectively and productively use the working capital.
4. Review the financial planning and policies to effectively utilize the resources.
5. Prepare the feasibility study report for new projects and expansions.
What benefits can business can get using our IFRS services ?
1. Enhance competition in the global market.
2. Facilitate source of capital globally.
3. Reducing financial statement reporting efforts which will reduce the overall cost.
4. Stimulate and simplify the process which will set a benchmark for improvement.
2. Facilitate source of capital globally.
3. Reducing financial statement reporting efforts which will reduce the overall cost.
4. Stimulate and simplify the process which will set a benchmark for improvement.
What are the key services provided by BIATConsultant ?
1. We conduct training which will involve knowledge sharing sessions to increase the awareness of three tire documentation requirements, its structure and compliance requirements.
2. Prepare diagnostic review to assist in preparing TO compliance obligation.
3. To analyze the intangible on the basis of BEPS guidance to ensure that the group members are contributing towards enhancement, development, maintenance, protection, and exploitation of intangibles and being remunerated appropriately.
4. To develop processes and procedures for compliance and train the group members to meet documentation deadlines to ensure the alignment between the local and global documentation.
2. Prepare diagnostic review to assist in preparing TO compliance obligation.
3. To analyze the intangible on the basis of BEPS guidance to ensure that the group members are contributing towards enhancement, development, maintenance, protection, and exploitation of intangibles and being remunerated appropriately.
4. To develop processes and procedures for compliance and train the group members to meet documentation deadlines to ensure the alignment between the local and global documentation.
