Financial Statement Preparation Process

Starting from the closure of books to audit clearance and sign-off, these 10 steps will help you with the overall process and what is included in the Financial Statements.

Anyone with little guidance, a basic understanding of IFRS accounting standards, and an overview of structure should be able to prepare the first draft of financial statements.

Give it a go when you have the next opportunity. These 10 steps will help you get started.

Here are the 10 steps:

✅ System and Books Close
✅ Trial Balance Review
✅ Movement Schedules
✅ Comparatives
✅ Statement of Financial Position
✅ Income Statement
✅ Cash Flow Statement & Equity Schedule
✅ Disclosure and Notes
✅ Other References
✅ Audit Clearance

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