GAAP/IFRS Conversion

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 businesses 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
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As a 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.

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

Why 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.
We 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.

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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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