GAAP/IFRS Conversion Services
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 Beetaone Fintax LLP 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.
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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 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
Key activities
- Preliminary assessment accounting gaps and the impact of conversion
- Training on US GAAP conversion and IFRS conversion methodology to build in-house expertise
- Preparing detailed diagnostic reports useful in conversion
- Assistance in implementation of the new accounting standards
- Support on planning for the first time adoption of Ind AS/IFRS/US GAAP
- Help in preparation of disclosures required when adopting a new accounting framework
- Preparing accounting opinions on the application of different accounting framework such as US GAAP, Indian GAAP, IFRS, Ind AS
- Preparing GAAP/IFRS adjustment computation templates for clients
- Preparation of converted financial statements
- Auditing documentation
- Technical training required for client’s employees on accounting standards
key differences of Beetaone
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 Beetaone provides are as follows:
The experts of M&A activity at Beetaone Fintax LLP provide all-encompassing services to the clients by identifying and setting up transactions and supporting in its successful execution to reach the desired state.
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.
our Beetaone 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.
Frequently Asked Questions(FAQ,s)
What is GAAP?
Generally accepted accounting principles (GAAP) are a set of rules that include the details, complexities, and legalities of business and corporate accounting.
What is IFRS?
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.
What is the difference between GAAP and IFRS?
An acquisition occurs when one entity acquires another entity while a merger occurs when two separate entities join to form a new, joint entity.
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