When Ind AS applies.
| Company | Ind AS required? |
|---|---|
| Listed, or in the process of listing, in India or abroad | Yes |
| Unlisted company with net worth of ₹250 crore or more | Yes |
| Holding, subsidiary, joint venture or associate of a company above | Yes |
| Indian subsidiary of a UK company, below the thresholds itself | No, unless it opts in |
| Banks, insurers and NBFCs | Under their own regulators' timetables |
A UK parent does not bring its Indian subsidiary into Ind AS. The subsidiary is tested on its own size, or on its Indian group links. Once a company adopts Ind AS, voluntarily or not, it cannot go back to the old standards.
Key changes from Indian GAAP.
- RevenueInd AS 115: revenue recognised on performance obligations under contracts.
- LeasesInd AS 116: most leases brought on the balance sheet as right-of-use assets.
- Financial instrumentsInd AS 109: classification, fair value and expected credit loss.
- Fair valueMore items measured at fair value, with detailed disclosures.
- Business combinationsPurchase price allocation and goodwill under Ind AS 103.
- PresentationOther comprehensive income and expanded disclosures.
Ind AS and your UK group's IFRS.
Ind AS are largely converged with IFRS, but there are carve-outs and differences. A UK group reporting under UK-adopted IFRS will usually need a small set of adjustments to bring Ind AS figures into the group accounts. If the group reports under FRS 102, the differences are larger. See IFRS Implementation Services.
How we implement it.
Applicability and impact
Which standards change your numbers, and by how much.
Choose policies and exemptions
Using the first-time adoption choices well.
Opening balance sheet
At the transition date, with comparatives restated.
Update processes
Chart of accounts, data for leases and contracts, and month-end steps.
First Ind AS accounts
With reconciliations, and support during the statutory audit.
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.
Ind AS support for UK groups with Indian entities.
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
Ind AS implementation FAQs.
Moving to Ind AS? Plan it early.
Tell us about the company and its reporting. We will assess the impact and plan the transition.
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.