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Implementation of IFRS and US GAAP

Introduction

In an increasingly globalized economy, businesses require expert accounting advisory to comply with International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). Adhering to these standards enhances transparency, comparability, and credibility in financial reporting. DGA Global, a trusted accounting financial advisory firm, excels in seamless IFRS and US GAAP implementation, ensuring compliance with regulations and alignment with global best practices.

Our expertise spans diverse industries, enabling us to address unique challenges while providing tailored solutions for successful implementation.

Our IFRS and US GAAP Implementation Services

  1. Gap Analysis and Diagnostic Assessment
  • Current State Analysis:
  • Assessing existing accounting policies, practices, and systems against IFRS or US GAAP requirements.
  • Identifying differences between local GAAP and IFRS/US GAAP.
  • Impact Assessment:
  • Evaluating the financial, operational, and organizational implications of transitioning to IFRS or US GAAP.
  • Preparing a comprehensive roadmap for implementation.

  1. Transition and Conversion Services
  • First-Time Adoption of IFRS (IFRS 1):
  • Assisting in applying IFRS 1 for first-time adoption, including exemptions and adjustments required for transition.
  • Preparing reconciliations of financial statements between previous GAAP and IFRS.
  • US GAAP Transition:
  • Helping businesses transition from local or IFRS to US GAAP by implementing required changes in accounting treatments and disclosures.
  • Dual Reporting Setup:
  • Designing processes to support simultaneous reporting under both IFRS and US GAAP, where required.

  1. Policy Development and Alignment
  • Accounting Policy Formulation:
  • Developing and aligning accounting policies with IFRS or US GAAP requirements.
  • Ensuring consistency in financial reporting across all business units and geographies.
  • Tailored Solutions:
  • Providing industry-specific guidance, e.g., for real estate, financial services, manufacturing, and technology sectors.

  1. Financial Statement Preparation and Restatement
  • Financial Statements Under IFRS and US GAAP:
  • Preparing financial statements, including balance sheets, income statements, and cash flow statements, in compliance with IFRS or US GAAP.
  • Restating historical financial statements for prior periods to meet compliance requirements.
  • Notes to Financial Statements:
  • Drafting and reviewing disclosures to ensure completeness and compliance with applicable standards.

  1. Training and Capacity Building
  • Customized Training Programs:
  • Delivering workshops and training sessions for finance teams, auditors, and other stakeholders on IFRS and US GAAP principles and updates.
  • Ongoing Support:
  • Equipping teams with tools and knowledge to handle complex accounting issues independently post-implementation.

  1. System and Process Implementation
  • ERP and IT System Alignment:
  • Configuring and updating ERP systems, such as SAP, Oracle, or Microsoft Dynamics, to support IFRS or US GAAP reporting.
  • Ensuring that financial systems generate reports aligned with new accounting standards.
  • Process Optimization:
  • Streamlining accounting and reporting processes to improve efficiency and accuracy under IFRS/US GAAP.

  1. Technical Advisory and Support
  • Complex Accounting Issues:
  • Advising on technical matters such as lease accounting (IFRS 16/ASC 842), revenue recognition (IFRS 15/ASC 606), and financial instruments (IFRS 9/ASC 825).
  • Consolidation and Group Reporting:
  • Supporting multi-entity organizations in preparing consolidated financial statements under IFRS or US GAAP.
  • Fair Value Measurement:
  • Assisting in determining fair value measurements in accordance with IFRS 13 or ASC 820.

  1. Regulatory and Tax Compliance
  • Compliance Review:
  • Ensuring compliance with regulatory reporting requirements and tax laws impacted by IFRS or US GAAP adoption.
  • Coordination with Regulators and Auditors:
  • Liaising with external auditors and regulatory bodies to address queries and finalize financial statements.

  1. Post-Implementation Support
  • Ongoing Compliance:
  • Providing periodic reviews to ensure continued compliance with evolving IFRS and US GAAP standards.
  • Continuous Improvement:
  • Identifying opportunities for further refinement in reporting processes and controls.

Why Choose DGA Global for IFRS and US GAAP Implementation?

  • Expert Team: A multidisciplinary team of accountants, auditors, and industry specialists with deep knowledge of IFRS and US GAAP.
  • Proven Methodology: A structured, step-by-step approach to transition, minimizing disruptions to business operations.
  • Global Reach: Extensive experience in serving clients across multiple geographies, ensuring compliance with local and international standards.
  • Industry-Specific Expertise: Tailored solutions for industries including real estate, healthcare, financial services, manufacturing, technology, and more.
  • Cost-Effective Solutions: Delivering value through efficient project execution and minimal resource wastage.

Our Experience Across Key IFRS and US GAAP Standards

  • IFRS 15/ASC 606 – Revenue from Contracts with Customers
  • Transition and implementation of revenue recognition standards, focusing on performance obligations, timing, and measurement of revenue.
  • IFRS 16/ASC 842 – Leases
  • Analyzing and implementing lease accounting changes, including the recognition of lease liabilities and right-of-use assets.
  • IFRS 9/ASC 825 – Financial Instruments
  • Valuation and classification of financial instruments, impairment testing, and hedge accounting.
  • IFRS 2/ASC 718 – Share-Based Payments
  • Assistance in accounting for employee stock options and share-based compensation.
  • IFRS 3/ASC 805 – Business Combinations
  • Supporting purchase price allocation (PPA) and goodwill impairment assessments.
  • IFRS 10/ASC 810 – Consolidated Financial Statements
  • Implementation of consolidation procedures, including considerations for variable interest entities (VIEs).
  • IFRS 36/ASC 350 – Impairment of Assets
  • Conducting impairment testing for goodwill, intangible assets, and fixed assets.

At DGA Global, we are committed to delivering seamless and efficient IFRS and US GAAP implementation, empowering businesses to achieve their financial reporting objectives and align with global standards. Whether you’re transitioning to IFRS or US GAAP, our accounting company in India ensures a smooth and efficient implementation process.