Does Prayaas & Associates support international accounting outsourcing?

Yes. Prayaas & Associates provides bookkeeping, financial reporting, accounting outsourcing, and fractional CFO support for businesses and advisory firms across global markets.

Who leads Prayaas & Associates?

The firm is led by CA Prayas Shrestha, a Chartered Accountant with dual ICAN and ICAI membership, DISA, LLB, and more than 15 years of post-qualification experience.

What services does the firm provide in Nepal?

The firm provides audit, taxation, advisory, NFRS and IFRS support, company formation, foreign investment advisory, payroll, Employer of Record, and accounting outsourcing services.

Technical Accounting 8 min read•2026-08-10

Navigating US GAAP and IFRS Convergence for Foreign Subsidiaries

Written by CA Prayas Shrestha (Managing Partner)

Key gap analysis insights for multinational corporations consolidating Nepalese operating entities into global statements.

Operating a subsidiary in Nepal requires adhering to Nepal Financial Reporting Standards (NFRS) while providing timely, accurate reporting packages for parent company consolidation under US GAAP or IFRS. ### Core Areas of Variation: - **Revenue Recognition (ASC 606 / IFRS 15)**: Contract milestones, performance obligations, and variable consideration. - **Lease Accounting (ASC 842 / IFRS 16)**: Right-of-use asset valuation and liability amortization. - **Employee Benefits (IAS 19)**: Actuarial valuations for gratuity and leave obligations under Nepalese labour law.

Authored by CA Prayas Shrestha

Managing Partner • Prayas & Associates

Dual Fellow Chartered Accountant (ICAN & ICAI), DISA certified, and LLB with 15+ years experience advising international entities on US GAAP, NFRS, and cross-border outsourcing.

Consult Author

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