**10 Clear Steps for Financial Statements Preparation** Preparing financial statements involves several stages, from closing the books to getting audit clearance. These 10 steps provide a straightforward overview of the process: 1. **System and Books Close**: Begin by closing your financial system and books for the specific reporting period, typically at the end of a fiscal year. 2. **Trial Balance Review**: Review your trial balance to ensure that the total debits equal total credits, ensuring the books are balanced. 3. **Movement Schedules**: Create schedules that detail any significant movements in accounts, helping explain changes in financial figures. 4. **Comparatives**: Include comparative figures from the previous reporting period to provide context and facilitate year-to-year comparisons. 5. **Statement of Financial Position**: Prepare the Balance Sheet, which outlines assets, liabilities, and equity, providing a snapshot of your company's financial health. 6. **Income Statement**: Create the Income Statement (Profit and Loss Statement), displaying revenues, expenses, and profits for the period. 7. **Cash Flow Statement & Equity Schedule**: Develop the Cash Flow Statement, tracking cash inflows and outflows, and an Equity Schedule detailing changes in shareholders' equity. 8. **Disclosure and Notes**: Include comprehensive notes and disclosures that explain the numbers in your financial statements and provide vital context. 9. **Other References**: Incorporate any other references or supporting schedules required for a complete financial picture. 10. **Audit Clearance**: Collaborate with auditors, addressing their queries, and making any necessary adjustments. Seek audit clearance once everything is in order. These steps serve as a roadmap for anyone with basic knowledge of IFRS accounting standards and an understanding of financial structure. Don't hesitate to give it a try when the opportunity arises – these 10 steps will set you on the right path! Credit Abdul Khaliq #deloitte #nielseniq #ey #kpmg #financeandaccounting #finance #financejobs
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I’m happy to share that I’m starting a new position as Finance PMO / Transformation at NielsenIQ!
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