The assignment involved implementation of Ind-AS (equivalent of IFRS in India) in the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), a company owned by the Government of Tamil Nadu, India.
MaGC Approach and Methodology
The methodology involved understanding the Client’s operations to assess the impact of the new standards on financial reporting. Brain storming sessions with the Management were held and the existing accounting policies and procedures were studied. An impact assessment was carried out and recommendations for changes to ensure compliance were outlined. Extensive research on similar situations worldwide and how they were handled also formed part of the methodology.
The revised accounting policy and financial statements for the current period were prepared as per Ind-AS along with the transition impact on the opening balances for the previous years. Reconciliation schedules were prepared to provide clarity on the impact on each item of the financial statements. A roadmap for smooth implementation of Ind-AS in the following years was also prepared.