As capital markets become increasingly global and India emerges as an economic superpower, it is becoming increasingly important for Indian corporations to adopt international reporting standards in order to rank pari passu with corporations the world over. IFRS not only brings transparency over the financial statements but also gives increased investor confidence. As with any regulatory change, IFRS conversion presents an opportunity to increase your credibility, not to reduce it. The transformation presents an opportunity to streamline its operations. The attitude adopted towards the conversion, would eventually decide whether the organization is able to seize the opportunity arising from the transformation.
IFRS conversion can only be performed by professionals who have expertise in both Indian and International standards. Also, the engagement team should have adequate knowledge of the taxation to understand the impacts. In addition, adequate resource needs to be allocated to understand the IT systems to incorporate the changes in accordance with IFRS.
At A Cube, we take the transitional phase as very crucial for a business and therefore, we bring with us a team of professional managers who are well trained in international environment and are also well qualified. The professionals also assist you not only with the financial perspective but also taxation and IT system.