Call For Business Enquiries : +91 97650 00966 / +91 98190 00511 / +91 98218 32683
Call For Business Enquiries : +91 97650 00966 / +91 98190 00511 / +91 98218 32683
Ind AS Implementation · Panaji, Goa
IGAAP to Ind AS transition, first-year reporting, and ongoing Indian Accounting Standards support for companies in Goa.
Overview
The transition from IGAAP to Indian Accounting Standards (Ind AS) is one of the most technically demanding accounting changes a company undergoes — a complete restatement of the opening balance sheet, restated comparatives, new accounting policies, and significantly expanded disclosures.
N D Savla & Associates provides Ind AS implementation services for companies across Goa — gap assessment, opening balance sheet preparation, accounting policy documentation, restated comparatives, first-year financial statements, and ongoing reporting support. This connects with our IFRS implementation, statutory audit, and audit and assurance services.
📌 Ind AS is mandatory for companies above specified thresholds and cannot be deferred — companies that start six to twelve months before the transition date see significantly better outcomes.
Applicability
Mandatory for companies above specified thresholds; the technical complexity concentrates in a few key standards.
Listed companies and subsidiaries, companies with net worth ≥ Rs 250 crore, and their associates/JVs must apply Ind AS.
Companies planning fundraising, IPO, or benchmarking against listed peers often choose voluntary early adoption.
Classification, measurement and expected credit loss (ECL) provisioning — the most technically complex area for NBFCs and banks.
Capitalisation of operating leases onto the balance sheet, materially affecting EBITDA and financial ratios.
The five-step revenue recognition model for contracts with variable consideration or multiple performance obligations.
What's covered
From gap assessment to ongoing reporting support.
Get a fixed-fee quote →Comparing current IGAAP policies against Ind AS requirements, quantifying the expected impact on equity, profit and disclosures.
Applying Ind AS 101 exemptions, remeasuring financial instruments, capitalising leases and applying ECL provisioning.
A comprehensive accounting policy manual covering all material areas and the choices made at transition.
Reclassifying balance sheet items and adjusting profit and equity for transition differences.
Comprehensive Ind AS disclosure checklist and drafted notes for financial instruments, leases, revenue and related parties.
Structured Ind AS training for finance teams, plus ongoing review of quarterly and annual Ind AS financial statements.
Frequently asked questions
Ind AS are India's IFRS-converged accounting standards, mandatory for listed companies, their subsidiaries and associates, and companies with net worth above Rs 250 crore. Voluntary adoption is also permitted.
Ind AS introduces fair value measurement, ECL provisioning under Ind AS 109, lease capitalisation under Ind AS 116, the five-step revenue model under Ind AS 115, and extensive disclosure requirements — largely absent from IGAAP.
Identifying the transition date, preparing an Ind AS opening balance sheet with applicable Ind AS 101 exemptions, restating prior-year comparatives, documenting accounting policies, and preparing first-year Ind AS financial statements with full disclosures.
A typical implementation takes three to six months for moderate complexity. Complex companies with large financial instrument portfolios or lease commitments may take longer. Starting six to twelve months ahead is recommended.
Financial instruments under Ind AS 109, lease accounting under Ind AS 116, revenue recognition under Ind AS 115, business combinations under Ind AS 103, and fair value measurement under Ind AS 113.
Related services
Book a free consultation with a qualified Chartered Accountant in Goa. We'll assess the gap, plan the timeline and get your transition underway.
N D Savla & Associates | ndsavla.co.in | +91 97650 00966 | info@ndsavla.co.in