Why two sets of standards are needed.
Indian law requires the subsidiary's statutory accounts under Indian GAAP or Ind AS. The UK parent prepares consolidated accounts under UK-adopted IFRS or FRS 102. The subsidiary's figures must therefore be adjusted to the group's basis every reporting period.
Typical adjustments.
| Area | Indian GAAP | IFRS (UK group) |
|---|---|---|
| Leases | Usually off balance sheet | Right-of-use assets and lease liabilities (IFRS 16) |
| Revenue | Based on AS 9 | Performance obligations (IFRS 15) |
| Financial instruments | Mostly at cost | Fair value or amortised cost, expected credit loss (IFRS 9) |
| Employee benefits | Similar, with presentation differences | Remeasurements in other comprehensive income (IAS 19) |
| Deferred tax | Timing difference approach | Balance sheet approach (IAS 12) |
If the subsidiary already uses Ind AS, the adjustments to IFRS are usually much smaller.
What we do.
GAAP difference analysis
A one-off review of every difference and a standard adjustment template.
Group reporting packs
Monthly, quarterly or annual packs in your group format.
Intercompany reconciliation
Agreeing balances and transactions with the UK parent.
Group auditor support
Answering group audit instructions and queries from India.
How we set it up.
Last year's pack
Where it was late, wrong or painful.
GAAP differences
A list of adjustments with the data needed for each.
Build the bridge
A reusable adjustment template linked to the trial balance.
Each reporting period
Packs prepared and checked before your deadline.
Audit season
Group auditor queries answered promptly.
Why clients choose us for audits.
Every audit is led and signed by Chartered Accountants in India.
Findings written for UK boards, audit committees and group auditors.
A written engagement letter with scope, timetable and fee.
Independence checks and a second-partner review on every report.
Encrypted document sharing, with site visits where the work needs them.
Clear, prioritised recommendations your team can act on.
IFRS reporting for UK groups with Indian subsidiaries.
We carry out audits in India for UK groups, investors and lenders headquartered anywhere in the UK, reporting in a form their UK boards and auditors can use.
London
South East
Midlands
North of England
East and South West
Scotland, Wales, NI
IFRS implementation FAQs.
Want group reporting that just works?
Send us last year's reporting pack. We will show you how to make it quicker and cleaner.
This page is general guidance based on the Companies Act, 2013, Indian tax law and regulator guidelines as they stand. It is not legal or financial advice for your situation. Thresholds and requirements can change, so please speak to us before acting on it.