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Finance and Accounting Outsourcing Services
The finance and accounting processes of businesses are getting complex and challenging with more and more regulatory pronouncements and standards coming into effect. Corporates are outsourcing various finance and accounting processes with a view to streamline respective processes and obtain consistency, uniformity and stronger controls. We at SRKA offer accounting and related processes services to clients who either do not wish to create their own capabilities or are looking for competitive and professional solutions to their accounting and related processes. A large number of multinational clients prefer to outsource various accounting and related processes in order to save on costs and the avoid taking responsibility of engaging multi level full time finance and accounting professionals. Our approach to outsourced assignments involves gaining a complete understanding of clients requirements which forms the bedrock of assignment implementation plan, designing process plan, assessing resource requirements, deploying adequate resources, performing the desired functions, constant monitoring by Team leaders, generating client deliverables and timely client reporting. All engagements are lead by a Partner to ensure quality assurance approach to outsourced assignments involves gaining a complete understanding of clients requirements which forms the bedrock of assignment implementation plan, designing process plan, assessing resource requirements, deploying adequate resources, performing the desired functions, constant monitoring
by Team leaders, generating client deliverables and timely client reporting. All engagements are lead by a Partner to ensure quality assurance.
Ind AS Adoption (Ind AS 101):
SRKA also provides Ind AS implementation consultancy services to a number of industry having varied line of business. We provide end-to end implementation and consultancy of the company based on the requirement and regulation and help them to converse their accounts in Ind AS from Indian GAAP. IND AS & IFRS Indian entities of foreign corporates, all listed and Indian corporates above a specific net worth criteria require reporting as per International Financial Reporting Standards (IFRS) or New Indian Accounting Standards (Ind – AS). We carry out extensive reviews, diagnostic and advisory to ensure that the requirements under IFRS/Ind – AS are met and effectively implemented.
Our broad scope of work will be to provide an end-to-end solution to achieve smooth transition from existing accounting practices to Indian Accounting Standards (Ind AS).
Scope of work has been divided in the following sections:
1. Identification of differences between current Indian GAAP and Ind AS: (i) Identification of accounting and reporting differences between Indian GAAP and Ind AS. 2. (ii)Identification and selection of exemptions available under Ind AS 101
2. Impact assessment on various component of businesses: (i) Assess the impact of changes on various components of business, including IT system. (ii) Detailed implementation plan based on this impact assessment.
3. Assistance in preparing Financial statements as per Ind AS for transition date, comparative period and reporting period: (i) Assistance in preparation of opening balance sheet. (ii) Assistance in preparation of Financial statements for comparative period and reporting period
4. Training for knowledge transfer: (i) Impart training to users to explain the differences post Ind AS transition
by Team leaders, generating client deliverables and timely client reporting. All engagements are lead by a Partner to ensure quality assurance.
Ind AS Adoption (Ind AS 101):
SRKA also provides Ind AS implementation consultancy services to a number of industry having varied line of business. We provide end-to end implementation and consultancy of the company based on the requirement and regulation and help them to converse their accounts in Ind AS from Indian GAAP. IND AS & IFRS Indian entities of foreign corporates, all listed and Indian corporates above a specific net worth criteria require reporting as per International Financial Reporting Standards (IFRS) or New Indian Accounting Standards (Ind – AS). We carry out extensive reviews, diagnostic and advisory to ensure that the requirements under IFRS/Ind – AS are met and effectively implemented.
Our broad scope of work will be to provide an end-to-end solution to achieve smooth transition from existing accounting practices to Indian Accounting Standards (Ind AS).
Scope of work has been divided in the following sections:
1. Identification of differences between current Indian GAAP and Ind AS: (i) Identification of accounting and reporting differences between Indian GAAP and Ind AS. 2. (ii)Identification and selection of exemptions available under Ind AS 101
2. Impact assessment on various component of businesses: (i) Assess the impact of changes on various components of business, including IT system. (ii) Detailed implementation plan based on this impact assessment.
3. Assistance in preparing Financial statements as per Ind AS for transition date, comparative period and reporting period: (i) Assistance in preparation of opening balance sheet. (ii) Assistance in preparation of Financial statements for comparative period and reporting period
4. Training for knowledge transfer: (i) Impart training to users to explain the differences post Ind AS transition
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