By the end of the 90s, two standards were set in the United States. One being GAAP (Generally Accepted Accounting Principles) and the other being IFRS (International Financial Reporting Standards). Currently more than 110 countries are using GAAP and IFRS. As of now many Indian companies were using the Indian GAAP.
Restatement of Financial Statements prepared under Indian GAAP to other Overseas GAAP's is fast becoming a norm that some of the leading Indian corporates are adopting.
A large number of Indian corporates are feeling the heat from their investors and other stakeholders to adopt US Generally Accepted Accounting Principles (USGAAP) and/or International Financial Reporting Standards (IFRS).
This has led to an increasing number of companies in India wanting to come in line with global standards and hence state their financial statements in a globally acceptable format. The International Accounting Advisory Services also include on-going consultancy on enabling companies to be adherent on a real-time basis with international GAAP requirements.
Our professionals are committed to assure corporates in India to restate their Indian GAAP Financial Statements to USGAAP and IFRS and to put in systems and procedures to capture data for disclosure norms of International GAAP.
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