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  1. IFRS Convergence
    • What is IFRS?
      IFRS caters to International Financial Reporting standards which are applied while preparing the Balance Sheet and other Profitability Statements of a company and are developed by the IASB. These have already been applied in more than a 100 countries and would soon because across the Globe. The effective date for IFRS Implementation for insurance companies is from 1st April 2015 and for others subsequently. Visit

    • Why IFRS
      IFRS issued by the IASB are rapidly becoming the benchmark for the accounting world. Convergence with IFRS has gained momentum in accent years and accounting bodies across the globe are aligning their existing accounting standards and/or issuing new accounting standards to conium with IFRS. Finance Professionals not already familiar with the Principle of IFRS will be faced with the challenge of developing a working knowledge of IFRS as quickly as possible.

      India being one of the key global players, migration to IFRS will enable Indian entities to have access to international capital markets without having to go through the cumbersome conversion and filing process. It will lower the cost of raising funds, reduce accountants' fees and enable faster access to all major capital markets. Furthermore, it will facilitate companies to set targets and milestones based on a global business environment, rather than an inward perspective.

      Furthermore, convergence to IFRS, by various group entities, will enable management to bring all components of the group into a single financial reporting platform. This will eliminate the need for multiple reports and significant adjustment for preparing consolidated financial statements or filing financial statements in different stock exchanges

    • Implementation Of IFRS
      Amendments in the Law
      IFRS will have a bearing on the legal provisions as are presently set out in the Indian Income Tax Act, Companies Act, etc.

      Impact on financial results
      Financial reports will experience a lot of changes. For example treatment of depreciation differs. Hence, the value of assets as well the profitability of the organization may swing, which, in turn, may impact the net worth.

      User awareness and training
      Many people are yet not aware of IFRS, their complexities and impact. A change in the reporting format will require awareness of these new norms and systems, training and education, both for the professional as well the user.

    • Convergence of IFRS
      IFRS is used in many parts of the world, including the European Union, Hong Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, South Africa, Singapore and Turkey. As in August, 2008, more than 110 countries around the world, including all of Europe, currently require or permit IFRS reporting. Approximately 85 of those countries require IFRS reporting for all domestic listed companies.

    • Conversion Roadmap

    • Why We?
      S.M.Gupta & Co. is the Indian network of professional services Firms whose aim is to turn understanding of information, industries and business trends into value. As a member of a cohesive business unit we respond to a client service environment by leveraging the resources of a national network of Firms, providing detailed knowledge of local laws, deregulations, markets and competition.

      Our co-ordinate approach is scalable, tailored to individual needs and uses tested methodologies and tools that have been used successfully on IFRS projects. The methodology used by us in providing IFRS conversion project assistance, resolves around five work steams:
      1) Accounting and repenting
      2) Business impacts
      3) Systems and processes
      4) People issues
      5) Project management.

      As important as the eight deliverable and tools, is the ability to provide a tailored approach. To anticipate charging events and adjust whenever necessary are equally critical to successive IFRS conversions. Our people coil endeavour to be around when you want them to be and provide continuing support for as long as you need it. We also adopt a totally open approach to issues, encouraging team work with our clients to solve problems together. We have experienced trainers and IFRS training mate rids that we can quickly adapt to take into account the unique skull sets and knowledge equipments within each client organization. The net result is poetical IFRS conversion assistance in which our knowledge is twined into real value.

SM Gupta and company