FAQ: Financial Reporting India

An India subsidiary must file its statutory accounts under Indian Accounting Standards (Ind AS) or Indian GAAP, not IFRS directly — Ind AS is India's own IFRS-converged framework, so while it's closely aligned with IFRS, there are specific carve-outs and timing differences that mean a straight IFRS filing isn't accepted for Indian statutory purposes.  Read full answer →

Indian statutory accounts must follow the April-to-March financial year regardless of the parent's fiscal calendar, so a foreign parent with a different year-end (calendar year, or a non-March fiscal year) needs the India subsidiary to prepare an additional set of interim or stub-period financials aligned to the group's reporting calendar for consolidation purposes.  Read full answer →

XBRL filing of financial statements with the Registrar of Companies is mandatory for companies meeting specified thresholds — listed companies and their Indian subsidiaries, companies with turnover of ₹100 crore or more, or paid-up capital of ₹5 crore or more — while smaller companies can file financial statements in standard PDF format instead.  Read full answer →

Most foreign parents require a monthly management reporting pack from their India subsidiary covering trial balance, P&L and balance sheet on the group's chart of accounts, key operational KPIs, and intercompany reconciliations — typically due within 5-10 working days of month-end to feed into group consolidation.  Read full answer →

Yes — every company incorporated in India, including a wholly-owned subsidiary of a foreign parent, must have its financial statements audited annually by a Chartered Accountant registered with the Institute of Chartered Accountants of India, regardless of turnover, profitability, or whether the company has commenced commercial operations.  Read full answer →