The standard changed.
Your financials haven't.The
regulator noticed.
Ind-AS and IFRS convergence is not a compliance exercise — it is a fundamental rewiring of how your business measures, presents, and communicates financial reality. Done wrong, it creates restatements, lender concerns, and regulatory action. Done right, it opens global capital markets.
Your company crossed the Ind-AS threshold
two years ago. Nobody told your accounts team.
Ind-AS applicability is not optional past certain thresholds. The consequences of delayed or incorrect implementation range from auditor qualifications to MCA penalties to covenant breaches with lenders who expect Ind-AS-compliant statements.
Real Estate
Revenue recognition under Ind-AS 115 (percentage of completion vs. project completion) can eliminate years of reported profit in a single restatement — and trigger lender defaults.
Infrastructure & Leasing
Ind-AS 116 (Leases) brings operating leases onto the balance sheet — debt ratios blow through covenants, banks demand security enhancement or early repayment.
Banking & NBFC
Ind-AS 109 (Financial Instruments) requires Expected Credit Loss provisioning — provisions jump 40–60% on transition, eroding net worth and regulatory capital ratios.
Manufacturing
Functional currency determination under Ind-AS 21 can reverse reported forex gains into losses, changing P&L by ₹10–50 Cr in a single year.
Listed & Pre-IPO
SEBI requires Ind-AS-compliant financials for listing. Companies discover 6 months before IPO that their historical P&L needs complete restatement.
Applicability Assessment & Gap Analysis
Determining your Ind-AS applicability date, identifying every gap between current policies and Ind-AS requirements, and quantifying transition impact.
Transition Date Opening Balance Sheet
Restated transition date balance sheet with all Ind-AS adjustments — the foundation from which all future compliant financials are built.
First-Time Adoption Support (Ind-AS 101)
Navigating mandatory exceptions, optional exemptions, and the carve-outs available on first-time adoption — minimising disruption to reported numbers where permissible.
IFRS Financial Statement Preparation
Full IFRS-compliant financial statements for Indian subsidiaries of global groups, or Indian companies raising international capital.
Companies Crossing Ind-AS Thresholds
Businesses that have crossed the net worth or turnover thresholds requiring mandatory Ind-AS adoption — needing structured transition support.
Pre-IPO Companies
Companies planning a public listing who need SEBI-compliant Ind-AS financials for the draft red herring prospectus.
Indian Subsidiaries of MNCs
Subsidiaries required to report under IFRS for group consolidation — needing a local advisor who understands both Indian and global standards.
Companies with Ind-AS Audit Queries
Businesses facing auditor questions on Ind-AS treatment of specific transactions — needing a technical opinion before the audit file closes.
Northrop has advised on Ind-AS transition for companies in real estate, manufacturing, technology, and financial services — including pre-IPO Ind-AS restatement support.
Ind-AS transition managed well is a competitive advantage. Managed poorly, it is a crisis.
Start with a confidential applicability and impact assessment — understand what transition means for your specific business before committing to a path.