GAAP Conversion and Adoption of New Standards

Seamless transition to new standards

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Overview

The conversion of financial statements to a new accounting framework is a complex and high-impact process. It demands a thorough comparison of existing accounting policies with those under the new standards, quantifying the differences, and updating financial statements accordingly. These transitions often influence not just numbers, but also systems, processes, internal controls, and team readiness, making accuracy, consistency, and clarity vital to maintaining stakeholder confidence.

Frequent revisions to Ind AS and IFRS introduce new disclosure and recognition requirements that can significantly affect financial results and governance expectations. Without a structured transition roadmap, organisations face risks such as reporting inconsistencies, audit delays, data inaccuracies, and compliance lapses. The pressure to meet parallel reporting obligations under multiple accounting frameworks further complicates the conversion and adoption exercises.

BDO India supports organisations through every stage of GAAP conversion and adoption of new accounting standards, right from impact assessment and policy alignment to system integration and post-implementation review. Our professionals combine deep technical expertise with practical implementation support to ensure that new requirements are embedded seamlessly across processes, controls, and reporting frameworks. The result is a smooth, compliant, and transparent transition that strengthens governance and enhances reporting credibility.


How BDO India Can Help

We work closely with management teams to design and execute transition plans, identify system and process changes, and equip finance teams with the required technical expertise: 

  • Assisting the management in charting out and executing a plan for conversion and preparation of financial information as per the new accounting standards/ framework.
  • Identifying potential changes to systems, processes and equipping teams with the technical knowledge needed for an effective transition.
  • Accounting analysis on the complex application of Ind AS, Indian GAAP, IFRS, and US GAAP 
  • IFRS 17 advisory for life and general insurance companies.
  • IFRS 18/ Ind AS 118 & IFRS 19 implementation advisory

How BDO India Can Help

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Frequently Asked Questions

GAAP conversion requires analysing existing accounting policies, identifying differences with the new framework, quantifying their financial impact, and restating financial statements accordingly. It also involves adapting systems, processes, and controls to ensure alignment and compliance.

BDO India assists from start to finish, assessing impact, preparing transition plans, aligning policies, providing guidance on accounting policy choices available, training finance teams, and reviewing post-implementation outcomes to ensure a smooth and accurate transition.

We help organisations interpret and implement these new standards on IFRS 18/ Ind AS 18 – Presentation and Disclosure in Financial Statements  and IFRS 19 - Subsidiaries without Public Accountability: Disclosures, addressing revenue recognition, presentation, and disclosure changes, while ensuring alignment with existing accounting frameworks.

Our GAAP conversion and new standards adoption services are scalable and suited for companies of all sizes, ranging from start-ups to listed entities, tailored to each organisation’s complexity and reporting needs.

Adopting updated standards such as Ind AS or IFRS enhances transparency, improves comparability across markets, and strengthens investor confidence. It also ensures compliance with evolving regulatory and disclosure requirements.

Our specialists provide end-to-end IFRS 17 advisory for life and general insurance companies, including policy interpretation, data assessment, system changes, and process integration.

We adopt a structured, phased approach that integrates technical, operational, and reporting changes while minimising disruption to ongoing business activities. This ensures both compliance and operational efficiency.

Related Assurance Services

An audit of your financial statements is often a required element in meeting your financing and growth objectives and adding credibility to the reported financial position.
 

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