The path to Ind AS conversion
Our recent publication which compares and lists down the key difference between the recently notified ICDSs (issued by the Central Board of Direct Taxes), Indian GAAP and Ind AS.
The challenge of Ind AS conversion projects will usually be very significant, as the differences between Indian GAAP and Ind AS are many. With many stakeholders involved, and given the combination of marketing, financial reporting, human resources, IT, process, controls, tax and risk management issues, change needs to be managed.
You have a choice: either sit back and wait for it to happen (with all the resultant uncertainty and risk), or mobilise your company to ensure that you maximise the benefits and minimise the obstacle.
We however feel that, it’s time for leadership. By starting early, you will likely spread out your costs, get the jump on your competition, and rein in scarce talent before it vanishes. You can improve your processes and systems. You can integrate with other initiatives, such as an ERP upgrade or a merger or acquisition. Most importantly, you can do it at a pace that suits your company and its circumstances.
There are major demands on financial and human resources in companies. An Ind AS conversion project cannot be a distraction from the primary activities of your business. It must be integrated, coordinated, and aligned. It should start soon with some preliminary questions and a carefully drawn roadmap. Whether the journey from here to there is rocky or smooth may be entirely up to you.