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IFRS Advisory Services: Step-by-Step Process for Seamless Financial Reporting

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Financial Analyst

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Introduction

International Financial Reporting Standards (IFRS) have become the global language for financial reporting. As India moves toward increased convergence with global standards, businesses—especially those with international operations or investors—must ensure that their financial statements are transparent, comparable, and compliant with IFRS.

Saving Mantra’s IFRS Advisory Services provide structured, high-accuracy financial reporting support to ensure seamless adoption and implementation of IFRS. Here is the complete step-by-step process that guides our clients from initial assessment to post-implementation support.

Why IFRS Advisory Matters?

IFRS brings consistency and comparability to financial statements across borders.
However, adoption often requires changes to accounting policies, systems, reporting structures, and even internal controls.

A clear, thorough, and expert-driven process is essential to avoid misstatements, audit challenges, or non-compliance.

Step-by-Step Process for IFRS Advisory Services

Step 1: Business Understanding & Scope Definition

We start by analyzing the client’s:

  • Business model
  • Industry-specific requirements
  • Reporting obligations
  • Group consolidation needs
  • Cross-border financing or investor requirements

This helps define the exact scope—IFRS conversion, implementation, or advisory only.

Step 2: IFRS Gap Analysis

A detailed comparison of:

  • Current accounting policies (Ind AS / Indian GAAP or internal standards)
  • Required IFRS standards (IFRS 1 to IFRS 17 as applicable)

We identify:

  • Presentation gaps
  • Disclosure gaps
  • Measurement differences
  • Policy deviations

Output: Gap Analysis Report that forms the foundation for IFRS transition.

Step 3: Data Collection & Financial Review

We gather:

  • Trial balances
  • Ledger reports
  • Past annual financial statements
  • Contracts & agreements (leases, loans, investments)
  • Revenue arrangements
  • Financial instruments

The objective is to understand the financial data structure for IFRS adjustments.

Step 4: IFRS Policy Drafting & Recommendations

Based on gap analysis, we prepare:

  • IFRS-compliant accounting policies
  • Transition exemptions & optional reliefs (IFRS 1)
  • Recognition & measurement rules for assets, liabilities, revenue, leases, etc.
  • Guidance for complex areas like financial instruments and fair value

This acts as the policy blueprint for the new reporting framework.

Step 5: IFRS Adjustments & Financial Restatement

We convert financial statements into IFRS format by:

  • Applying transition adjustments
  • Restating comparative financials
  • Reclassifying balances where required
  • Applying impairment, fair value, lease capitalization, revenue allocation, etc.
  • Testing controls and data integrity

Output: IFRS Restated Financial Statements (Draft Version).

Step 6: Preparation of IFRS-Compliant Financial Statements

We prepare:

  • Statement of Financial Position
  • Statement of Comprehensive Income
  • Statement of Changes in Equity
  • Cash Flow Statement
  • Notes to Accounts with IFRS disclosures

All disclosures follow IFRS presentation formats and international benchmarks.

Step 7: Review & Validation with Management / Auditors

In this stage, we:

  • Conduct management review
  • Clarify IFRS interpretations
  • Support audit queries
  • Validate complex accounting treatments
  • Ensure alignment with the client’s group reporting requirements

This ensures strong audit readiness.

Step 8: IFRS Implementation Support

If required, we help with:

  • ERP & accounting system adjustments
  • Automation of IFRS calculations (leases, EIR, impairment)
  • Templates & SOPs for monthly / annual reporting
  • Internal staff training

This ensures the IFRS framework is embedded operationally.

Step 9: Post-Implementation & Ongoing Advisory

IFRS standards evolve regularly. We provide:

  • Updates on new IFRS amendments
  • Quarterly & annual reporting support
  • Consolidation and group reporting help
  • Advisory on complex arrangements (M&A, revenue contracts, hedging, leases, valuations)

This guarantees long-term IFRS compliance.

Benefits of Saving Mantra IFRS Advisory Services

  • Expert-led financial reporting
  • Audit-ready IFRS statements
  • Transparent global compliance
  • Faster transition with minimal business disruption
  • Technology-enabled templates and automation

Conclusion

Transitioning to IFRS is not just an accounting exercise—it is a strategic upgrade that enhances global credibility and financial transparency. With a robust methodological approach, technical expertise, and end-to-end support, Saving Mantra ensures a smooth and compliant IFRS adoption for businesses of all sizes.

The information provided in this blog is for general informational and educational purposes only and should not be construed as legal, tax, or professional advice. While every effort has been made to ensure accuracy and compliance with the applicable provisions of the Companies Act, 2013 and related rules, laws and regulations may change over time and interpretations may vary based on specific facts and circumstances.All services are subject to applicable laws, rules, and government approvals prevailing at the time of execution.

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