The presence of enterprises throughout the world has grown as a result of globalization. It necessitates the adaptation of a variety of new processes, including financial reporting in a globally accepted accounting system.
The two frameworks frequently used by organizations throughout the world are International Financial Reporting Standards (IFRS) and US GAAP (Generally Accepted Accounting Principles). Furthermore, the emphasis on financial reporting quality and openness has risen. This is when KMS comes in handy.
We offer GAAP and IFRS conversion services, which entail restating financial statements in accordance with GAAP and IFRS regulations. In transactions such as obtaining equity/debt in a foreign location or in cross-border acquisition deals where the acquirer’s books must be converted, GAAP/IFRS conversion is necessary. We also provide ongoing US GAAP/IFRS consulting services to ensure that our clients are always up to date with their international accounting requirements.
KEY ACTIVITIES
- Accounting gaps and the impact of conversion: a preliminary evaluation
- For the first time, assistance with planning Ind AS/IFRS/US GAAP adoption
- Creating financial statements that have been converted.
- To develop in-house knowledge, training on US GAAP conversion and IFRS conversion technique is provided.
- Assisting with the creation of mandatory disclosures when implementing a new accounting framework
- Documentation auditing
- Creating thorough diagnostic reports that may be used in the conversion process
- Developing accounting views on the use of several accounting frameworks such as US GAAP, Indian GAAP, IFRS, and Indian AS
- Employees of the client must get technical accounting training.
- Assistance with the new accounting standards’ implementation
