It is well known that with effect from 1st April 2017, it is mandatory to prepare Ind-AS Compliant financial statements for certain unlisted companies and all listed companies. Non-compliance of these provisions may lead to litigations for the companies. Moreover, the option for voluntary adoption of this provisions is also open. For compliance of this provision, conversion of AS compliant financials statements is required. Masterbrains Ind AS experts have the niche experience of converting AS Compliant financial statements to Ind-AS Compliant financial statements for the companies.
As mentioned above, certain companies now have to prepare Ind-AS compliance financial statements. Masterbrains consultants also offer preparation services of fully Ind-AS compliant financial statements from scratch for standalone and consolidated financial statements. It is noteworthy that non-compliance with Ind AS may lead to litigations for the company.
Most Companies prefer a second eye when it comes to Ind AS compliance as the standards are fairly complicated and new to the company resources. Thus, Masterbrains consultants offer a review of financial statements to ensure that the financial statements prepared comply with Ind-AS. It involves a detailed analysis of Scheduled III requirements, accounting treatments, accounting policies, and disclosures.
There is significant confusion amongst accounting departments of the companies on the accounting treatment of complicated transactions and events, keeping Ind-AS in mind. Masterbrains consultants have the knowledge, expertise, and judgement to guide the companies on accounting of transactions, in compliance with Ind-AS.
Masterbrains consultants shall conduct a health check-up of existing business practices. Such health check-ups will ensure that no violations occurred or are occurring while following current business practices. It is best to be cautious as any violation of the provisions of the Competition Act may result into litigation for the company. Masterbains experts ensure business compliance of the Competition Act and will also advice on the relevant changes to business practices to ensure such compliance.