Financial Reporting
Preparation of balance sheet, profit and loss, cash flow and notes in Schedule III format under Accounting Standards or Ind AS.
- Estimate Cost
- ₹10,000 – ₹75,000
- Typical duration
- 10 days
Service overview
Preparing a business's financial statements — balance sheet, profit and loss statement, cash flow statement and notes to accounts — in the format and under the accounting framework that applies to it, ready for the board, auditors, lenders and regulators.
Who needs it? / When is it needed?
- Companies preparing annual financial statements for audit and ROC filing
- LLPs, firms and proprietors needing financial statements for tax, banks or investors
- Businesses needing quarterly or half-yearly reporting for lenders or investors
- Companies moving to Ind AS
What to expect from the WCP Professionals
- Review of the trial balance and year-end adjustments
- Identification of the applicable framework — Accounting Standards or Ind AS
- Preparation of statements in Schedule III format with comparatives
- Notes, accounting policies and required disclosures
- Support during the statutory audit
Key deliverables
- Balance sheet and statement of profit and loss
- Cash flow statement, where applicable
- Notes to accounts and significant accounting policies
- Supporting schedules and reconciliations
- XBRL-ready data, where the company must file in XBRL
Standard turnaround time
- Annual financial statements: 5–15 working days after the trial balance is finalised
- Interim statements: 3–7 working days
Government fees, timelines & key outcomes
No government fee for preparing financial statements; the AOC-4 filing with the MCA carries its own fee.
Key outcomes: complete, framework-compliant financial statements ready for audit and filing.
Forms & filings involved
- Financial statements for adoption by the board and shareholders
- AOC-4 or AOC-4 XBRL filing with the ROC, where engaged
- LLP Form 8 statement of accounts, for LLPs
Documents required
- Final trial balance and ledgers
- Fixed-asset register and depreciation working
- Loan, investment and related-party details
- Prior-year audited financial statements
What we need from you
- Year-end closing entries and management estimates
- Information on contingent liabilities, commitments and subsequent events
- Timely answers to queries during preparation and audit
Important conditions
The board of directors is responsible for the financial statements; the professional prepares them on the basis of the books and information provided.
The applicable framework — Accounting Standards or Ind AS — depends on listing status and net worth, and is confirmed before preparation.
Additional information
Ind AS applies to listed companies and to companies with net worth of ₹250 crore or more, and their holding, subsidiary and associate companies; other companies follow the notified Accounting Standards.
The estimated cost covers indicative professional fees only. Government fees, stamp duty and taxes are payable at actuals.
How it works
- 1. Raise a service enquiry describing your requirement.
- 2. A Relationship Manager reviews it and opens it for bidding.
- 3. Pay into escrow and assign the professional you select.
- 4. Track progress to completion, then accept and release payment.
Frequently asked questions
What is Schedule III?
The format prescribed by the Companies Act, 2013 for a company's balance sheet and statement of profit and loss, with specified disclosures.
Which companies must follow Ind AS?
Listed companies, companies with net worth of ₹250 crore or more, and their holding, subsidiary and associate companies.
Is a cash flow statement mandatory?
For most companies yes; One Person Companies, small companies and dormant companies are exempt.
Who approves the financial statements?
The board of directors approves them before audit sign-off, and shareholders adopt them at the AGM.