GAAP/IFRS Conversion Services

    Khandhar Mehta and Shah
    GAAP/IFRS Conversion

    With globalization, the presence of Indian companies across the world has increased. It requires adjustment to various new processes, including financial reporting in the accounting framework accepted across the world.

    International Financial Reporting Standards (IFRS) and US GAAP (Generally Accepted Accounting Principles) are the two frameworks widely used by Business across the globe. Moreover, the focus on quality and transparency of financial reporting has also increased. This is where KMS plays a strong role. We provide GAAP Conversion and IFRS Conversion services, where we restate the financial statements in line with the GAAP and IFRS requirements. GAAP Conversion/IFRS conversion is essential in transactions such as raising equity/debt in a different geography or in case of cross-border acquisition transactions where acquiree’s books are required to be converted. We also provide on-going US GAAP/IFRS consultancy services to enable our clients to be on time with their compliance with international accounting requirements on a real-time basis.

    Khandhar Mehta and Shah
    for a journey beyond excellence.
    knowledge. Experience.  Teamwork.

    As an eminent CA firm in Ahmedabad, we always focus on giving our clients the best in class services that reflect our values and vision of transparency, flawless, and professional work. Check out our website to understand and know more about our services and firm.

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    GAAP Conversion Services

    Our GAAP Consultants in India provide a range of services to our clients on GAAP conversion as follows:

    IGAAP to Ind AS conversion and Ind AS to IGAAP conversion

    IGAAP to US GAAP conversion and US GAAP to IGAAP conversion

    US GAAP to IFRS conversion and IFRS to US GAAP conversion

    IFRS Conversion Services

    Our IFRS Consultants in India provide the following IFRS conversion services:

    IGAAP to IFRS conversion and IFRS to IGAAP conversion

    IFRS to Ind AS conversion and Ind AS to IFRS conversion

    IFRS to US GAAP conversion and US GAAP to IFRS conversion

    Key activities

    • Preliminary assessment accounting gaps and the impact of conversion
    • Support on planning for the first time adoption of Ind AS/IFRS/US GAAP
    • Preparation of converted financial statements
    • Training on US GAAP conversion and IFRS conversion methodology to build in-house expertise
    • Help in preparation of disclosures required when adopting a new accounting framework
    • Auditing documentation
    • Preparing detailed diagnostic reports useful in conversion
    • Preparing accounting opinions on the application of different accounting framework such as US GAAP, Indian GAAP, IFRS, Ind AS
    • Technical training required for client’s employees on accounting standards
    • Assistance in implementation of the new accounting standards
    • Preparing GAAP/IFRS adjustment computation templates for clients

    key differences of kms

    Our clients approach us because we have the in-house knowledge, expertise, and experience to deal with conversion to US GAAP/IFRS for all kinds of businesses in various industry sectors. The key benefits that KMS provides are as follows:

    OurGAAP consultants and IFRS consultants help the clients through the conversion process because of their understanding of the technical aspects, adoption of a suitable approach for conversion, and experience in preparation of financial statements.
    We conduct an in-depth analysis of the regulatory, financial, and operational risks that client companies face and help them in navigation through the entire process from beginning to end so that the IFRS conversion or US GAAP conversion is achieved without disruption to the business.

    Khandhar Mehta and Shah (KMS) have access to one of the largest accounting and consulting networks that help us in the process of consulting our clients throughout our engagement with them during GAAP/IFRS conversion to ensure timely and smooth completion.

    Together with your in-house financial and operational professionals, our team engages in initial research, analysis, and designing of the most efficient processes for the conversion of the accounting framework to avoid the impact of any uncertainties.
    Our committed, dedicated, and proficient US GAAP consultants and IFRS consultants also help the companies to employ systems and procedures to record data for the disclosure norms under the new accounting frameworks.

    our clients say

    trust.  transparency.  professional expertise.

    We got associated with KMS for US GAAP and IFRS services for our company. They impressed us with their in-depth knowledge and first-hand experience in dealing with these tasks for companies in various sectors. The most valued benefits they bring are trust, reliability, and quality work. Their team is terrific and has been invaluable to us. We would highly recommend KMS to anyone looking for US GAAP and IFRS conversion services.
    Owner, IT company
    We have been a client of KMS for the last five years, and it has always been a great experience of working with them. Their consultants have the knowledge and expertise to handle Ind AS to the US GAAP conversion. We truly value the guidance, commitment, and responsiveness of their team.
    Director, multinational company
    KMS has been our US GAAP and IFRS consultant for several years, and we have built a very close working relationship. Their team is very approachable and gives concise, positive advice whenever required. They understand our business well, and their long-term strategies help us in our business growth. We count on KMS for US GAAP conversion and IFRS conversion of our financial statements.
    CEO, media house Director, hospitality chain

    frequently asked questions(faqs)

    Generally accepted accounting principles (GAAP) are a set of rules that include the details, complexities, and legalities of business and corporate accounting.
    International Financial Reporting Standards (IFRS) are a set of international accounting standards, which mention the way of reporting of some particular types of transactions and other events in the financial statements.
    The key difference between the two is that IFRS is principles-based, while GAAP is rules-based.
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