Accounting · International Standards

IFRS Implementation Services for global reporting that opens doors.

Full-cycle IFRS implementation — impact assessment, IFRS 1 first-time adoption, accounting policy documentation, and IFRS-compliant financial statements — for Indian companies reporting to international investors, parent companies, or dual-listed on overseas exchanges.

International Financial Reporting Standards are required or permitted for financial reporting in over 140 jurisdictions and are the language of cross-border investment, lending, and listing. Indian companies with foreign parent companies, overseas subsidiaries, international lenders, or plans to list on overseas exchanges increasingly need IFRS financial statements — either for consolidation into a foreign parent's group accounts, for foreign lenders, or for their own international reporting obligations.

While India has adopted Ind AS as its converged version of IFRS, full IFRS as issued by the IASB differs from Ind AS in several respects — and companies required to report under full IFRS need specific implementation support. This includes companies preparing IFRS financial statements for consolidation by a foreign parent, companies exploring overseas listing on exchanges that require IFRS, and companies with foreign institutional investors or PE funds that require IFRS-compliant reporting.

NDS Advisors provides IFRS implementation services for Indian companies — drawing on deep knowledge of both Ind AS and full IFRS, the differences between them, and the practical challenges of implementing IFRS for an Indian business. Our team has worked on IFRS reporting for Indian subsidiaries of multinational groups, PE-backed companies, and businesses preparing for overseas listing.

Our IFRS Implementation Services Services

IFRS Impact Assessment

Identification and quantification of the key differences between current Indian GAAP or Ind AS reporting and IFRS — across all material accounting areas.

IFRS 1 First-Time Adoption

Preparation of the IFRS opening balance sheet using the mandatory exceptions and optional exemptions available under IFRS 1 (First-time Adoption of IFRS).

IFRS Accounting Policy Documentation

Drafting of IFRS-compliant accounting policies — covering revenue (IFRS 15), financial instruments (IFRS 9), leases (IFRS 16), business combinations (IFRS 3), and all other applicable standards.

IFRS Financial Statement Preparation

Preparation of complete IFRS financial statements — statement of financial position, statement of comprehensive income, statement of changes in equity, cash flow statement, and notes.

IFRS for Group Reporting Packages

Preparation of IFRS-compliant group reporting packages for Indian subsidiaries contributing to a foreign parent's consolidated IFRS accounts.

IFRS 9 Financial Instruments

Implementation of IFRS 9 — covering classification and measurement of financial assets and liabilities, impairment using the expected credit loss model, and hedge accounting.

IFRS 16 Lease Accounting

Implementation of IFRS 16 — identifying all lease arrangements, computing right-of-use assets and lease liabilities, and setting up the ongoing lease amortisation schedule.

Differences Between Ind AS and IFRS

Specific advisory on areas where Ind AS and full IFRS differ — including insurance contracts, certain financial instrument carve-outs, and regulatory deferral accounts.

Our Process

IFRS Requirement Confirmation

Confirming which IFRS standards apply, the reporting purpose (group reporting, overseas listing, investor requirement), and the required format and timeline.

Gap & Impact Assessment

Comprehensive gap analysis between current accounting policies and full IFRS — quantifying the financial impact across all material accounting areas.

IFRS 1 Transition & Opening Balance Sheet

Computing transition adjustments, applying IFRS 1 elections, and preparing the IFRS opening balance sheet at the transition date.

Policy Documentation & Team Training

Drafting IFRS accounting policies, briefing the finance team on new accounting requirements, and advising on system or data capture changes needed.

IFRS Financial Statements & Notes

Preparing complete IFRS financial statements with full note disclosures — reviewed for compliance with applicable IFRS standards and the reporting entity's requirements.

Why It Matters

✓Enables reporting to foreign parent companies and investors

✓Supports overseas listing and cross-border fundraising

✓Provides IFRS group reporting packages for MNC subsidiaries

✓Accurate IFRS 1 transition minimises audit risk at first reporting

✓Policy documentation provides a sustainable IFRS framework

✓Identifies and manages IFRS impact on key financial ratios

✓Bridges the gap between Ind AS and full IFRS where needed

✓Supports PE, VC, and foreign institutional investor requirements

Frequently Asked Questions

Full IFRS (as issued by the IASB) is required for Indian companies that are subsidiaries of foreign parents required to report under IFRS, companies seeking to list on overseas exchanges such as NYSE, LSE, or SGX that require IFRS reporting, companies with foreign lenders or bond markets that stipulate IFRS, and PE or VC-backed companies where investors require IFRS-compliant financial statements.

Ind AS is India's converged version of IFRS — substantially aligned with IFRS but with certain carve-outs and modifications approved by the MCA. Key differences include the treatment of certain financial instruments under Ind AS 109 versus IFRS 9, certain industry-specific treatments, and presentation differences in the statement of profit and loss. For companies reporting to a foreign parent, these differences need to be identified and adjusted.

IFRS 1 (First-time Adoption of International Financial Reporting Standards) governs how an entity prepares its first IFRS financial statements. It requires full retrospective application of IFRS with certain mandatory exceptions — areas where retrospective application is not permitted — and optional exemptions — areas where the entity can elect to apply IFRS prospectively to reduce the cost of transition. The exemptions elected have lasting accounting implications.

No. Indian regulatory filings — with MCA, SEBI, and the Income Tax Department — require financial statements prepared under Ind AS or Indian GAAP, not full IFRS. IFRS financial statements are prepared specifically for foreign reporting purposes — group consolidation, overseas listing, international lenders, or foreign investors — and are separate from the statutory Indian financial statements.

A single-entity IFRS implementation typically takes 3 to 5 months from impact assessment to first complete IFRS financial statements. The timeline depends on the complexity of the business, the number of accounting areas requiring adjustment, and the availability of source data. Group reporting package engagements can often be faster if Ind AS financial statements are already available as the starting point.

Yes. We prepare IFRS group reporting packages for Indian subsidiaries that need to report into a foreign parent's consolidation — in the format, currency, and timeline required by the parent's group reporting instructions. This is one of our most common IFRS engagements and covers both the financial statements and the group reporting schedules and notes.

Report in IFRS — accurately and on time.

Talk to our IFRS team about impact assessment, first-time adoption, group reporting packages, and IFRS financial statement preparation.