Conversion to Ind-AS / IFRS Services | Savlana Init

Ind-AS / IFRS Conversion

Ind-AS / IFRS Conversion — Accurate. Compliant. First-Time Right.

Conversion of financial statements from Indian GAAP to Ind-AS or IFRS — gap assessment, adjustment computation, and first-time adoption support.

Companies crossing the net worth thresholds prescribed under the Companies (Indian Accounting Standards) Rules, or those needing to report under IFRS for overseas parent, investor, or listing requirements, must convert their financial statements from Indian GAAP to Ind-AS or IFRS — a process involving far more than reformatting existing numbers.

The conversion requires identifying every area where recognition, measurement, or disclosure differs between the frameworks — revenue recognition, financial instruments, leases, business combinations, and consolidation, among others — and computing the corresponding transition adjustments accurately.

We manage the full conversion process — from initial gap assessment through to first-time adoption and audit support — helping companies move to Ind-AS or IFRS correctly the first time, minimising restatements and audit queries later.

Our Ind-AS / IFRS Conversion Services

Applicability Assessment

Assessment of whether and when Ind-AS applies to your company based on net worth and other thresholds.

GAAP Gap Analysis

Identification of differences between current Indian GAAP treatment and Ind-AS/IFRS requirements.

Transition Adjustment Computation

Computation of transition date adjustments across revenue, leases, financial instruments, and other areas.

First-Time Adoption (Ind-AS 101)

Application of first-time adoption exemptions and exceptions to prepare the opening Ind-AS balance sheet.

Consolidation under Ind-AS/IFRS

Preparation of consolidated financial statements in line with Ind-AS 110/IFRS 10 requirements.

Financial Instrument Classification

Classification and measurement of financial assets and liabilities as required under Ind-AS 109/IFRS 9.

Disclosure Preparation

Preparation of Ind-AS/IFRS-compliant notes to accounts and disclosure requirements.

Auditor Coordination

Coordination with statutory auditors on the conversion approach, judgements, and supporting documentation.

Our Process

Applicability & Scoping

We confirm Ind-AS/IFRS applicability and scope the areas of the business likely to see significant adjustments.

Gap Assessment

Existing accounting policies are compared against Ind-AS/IFRS requirements to identify all areas of difference.

Adjustment Computation

Transition adjustments are computed for each identified gap, with supporting workings prepared.

Opening Balance Sheet Preparation

The opening Ind-AS/IFRS balance sheet is prepared applying relevant first-time adoption exemptions.

Financial Statement Finalisation

Full financial statements and disclosures are prepared, with auditor coordination through to sign-off.

Why It Matters

✓Structured gap assessment covering all major standard areas

✓Accurate transition adjustments minimising future restatements

✓Correct application of first-time adoption exemptions

✓Reduced audit queries through proper documentation of judgements

✓Experience across manufacturing, services, and holding company structures

✓Support for both standalone and consolidated conversion

✓Clear disclosure notes meeting Ind-AS/IFRS requirements

✓Coordination with auditors throughout the conversion process

Frequently Asked Questions

Ind-AS applicability under the Companies (Indian Accounting Standards) Rules is based on net worth and listing status thresholds; we assess your specific position to confirm the applicable phase and effective date.

Ind-AS is largely converged with IFRS but includes certain carve-outs and modifications specific to the Indian regulatory environment; companies reporting to overseas parents may need both Ind-AS for Indian statutory purposes and IFRS for group reporting.

Revenue recognition, lease accounting, financial instrument classification and measurement, business combinations, and consolidation are typically the areas with the most significant transition adjustments.

First-time adoption exemptions under Ind-AS 101/IFRS 1 allow companies certain practical relaxations — such as not restating past business combinations — when preparing their opening Ind-AS/IFRS balance sheet, reducing the effort of full retrospective application.

Depending on the complexity of the business and number of subsidiaries involved, a conversion typically takes between two to four months from gap assessment to finalisation of the opening balance sheet.

Yes, beyond the initial conversion, we support ongoing Ind-AS/IFRS compliant financial statement preparation and disclosure updates for subsequent reporting periods.

Need to convert your financial statements to Ind-AS or IFRS?

We manage the full conversion process — gap assessment, transition adjustments, and first-time adoption — so it's done right the first time.