IFRS & INDAS Financial Reporting Services in India for Foreign Subsidiaries
We provide a comprehensive accounting, bookkeeping, and audit services for foreign subsidiaries operating in India, including financial statement preparation and general ledger maintenance in compliance with Indian Accounting Standards (Ind AS). We handle tax computation and filing to ensure compliance with the Income Tax Act and Companies Act, and conduct internal audits to assess operational efficiency and control systems. Our external audits provide an independent, stakeholder-ready review.
Our Services in IFRS & INDAS Financial Reporting Services in India for Foreign Subsidiaries
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Regulatory Expertise
Specialists in FEMA, RBI, GST, Companies Act, Income Tax and International Tax Advisory.
End-to-End Support
From India entry strategy to compliance, we manage the complete lifecycle.
Cross-Border Specialists
Trusted advisors for foreign companies establishing and expanding in India.
Audit Ready Reports
Accurate documentation, compliance reporting and governance support.
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Every Indian company is audited, regardless of size or turnover. For a foreign parent the practical questions are how quickly the subsidiary's numbers can be consolidated, and where Indian accounting standards will diverge from the group's reporting basis.
Statutory audit is mandatory - what that means
Unlike most jurisdictions, India requires a statutory audit of every registered company with no small-company exemption. An auditor must be appointed shortly after incorporation, and the audit follows a defined annual cycle culminating in filings with the registrar. Separately, a tax audit applies above prescribed thresholds and examines compliance with the income tax provisions. These are distinct exercises with distinct deliverables, and foreign parents often budget for only one.
Where Ind AS diverges from IFRS and US GAAP
Indian accounting standards are converged with IFRS but not identical, and the differences that matter in practice tend to cluster around revenue recognition timing, lease treatment, financial instrument classification and deferred tax. Groups reporting under US GAAP will find more divergence. The practical consequence is a reconciliation between the statutory Indian accounts and the group reporting pack - which should be designed deliberately at the outset rather than reconstructed each period.
Getting the subsidiary into group reporting on time
The Indian statutory timetable does not align with most group reporting calendars, so the subsidiary usually needs to produce group-basis numbers on the parent's timetable and statutory numbers on India's. This is entirely manageable but needs the chart of accounts, cut-off procedures and reconciliation approach set up to serve both. Retro-fitting this after a year of divergent bookkeeping is where consolidation delays originate.
Bookkeeping, controllership and virtual CFO support
Requirements scale with activity rather than headcount. Early-stage entities generally need compliant bookkeeping, payroll processing and statutory filings. As transaction volume grows, management reporting, cash-flow forecasting and controllership become the constraint. A virtual CFO arrangement suits groups that need senior financial oversight in India without a full-time hire - particularly where the local team is operational and the financial judgment sits offshore.