The preparation of financial statements is crucial for regulatory compliances in form of Statutory audits, Tax audits, Internal audits etc. and inspiring stakeholder/investor’s confidence. VNVA FinAdvisory specializes in creating financials in line with IND AS (Indian Accounting Standards) and Non-IND AS frameworks. Our services include:

• Preparation of financials. This includes :-

1. Balance sheet, P&L & Cash flow statement along with all notes and disclosures as per the presentation requirements of Division I of Schedule III of Companies Act, 2013 (Earlier IGAAP/Non-IND AS)
2. Balance sheet, P&L, Cash flow statement and Statement of Changes in Equity (SOCE) along with all notes and disclosures as per the presentation requirements of Division II of Schedule III of Companies Act, 2013 (IND-AS)
3. Notes and information to financials as per the disclosure requirements of Schedule III and the applicable accounting standards
4. Compliance with regulatory requirements and guidelines issued to this effect from time to time.

• Preparation of financials for other forms of entities like Sole Proprietorships, HUFs, Partnership firms, Societies, Charitable trusts etc.
• Custom financial reporting tailored to your industry or specific business need (Management information system reports or MIS).

With VNVA FinAdvisory, you can be assured of meticulous financial preparation that enhances credibility and decision-making.

Consolidation of financial statements is essential for businesses with multiple entities. VNVA FinAdvisory offers expert consolidation services to present a unified financial view. This includes:-

• Evaluating the need to consolidate the group entities as per the concept of Control (IND-AS) and the concept of ownership (IGAAP/Non IND-AS)
• Conversion of subsidiaries financials in INR in case of foreign subsidiaries and as per IND AS in case of non IND-AS subsdiaries
• Line by line consolidation of financial data from subsidiaries and parent companies.
• Calculation of Non Controlling or Minority interest in subsidiaries not fully owned or controlled by the parent.
• De-recognition of a former subsidiary in case of loss of control or ownership
• Eliminating inter-company transactions and balances.
• Adherence to IND AS guidelines for consolidated reporting.
• Tailored solutions for complex corporate structures.

Our expertise ensures accurate and transparent consolidated financials, vital for stakeholder trust and regulatory compliance.

Effective accounting practices are essential for financial transparency and compliance. VNVA FinAdvisory provides:

• Maintenance of books of accounts as per IND AS and Non-IND AS frameworks.
• Preparation and reconciliation of ledgers, journals, and trial balances.
• Periodic financial reporting for internal and external stakeholders (MIS).
• Compliance with statutory norms and tax regulations.
• Assistance in year-end closures and audits in the form of audit schedules and memos.
• Tailored accounting services on our own accounting platform or on client’s ERP as per the requirement.
• Proficiency on commonly used ERPs like Tally, SAP, Busy etc.

We are committed on saving the bandwidth and cost of our clients by saving the need to maintain an in-house accounting team or expensive ERP subscriptions. We have proven our usefulness for start ups outsourcing there entire accounting needs or established organisations outsourcing a part of their accounting process.

Our accounting solutions ensure your financial operations are seamless and compliant, giving you peace of mind.

Transitioning to IND AS can be challenging. VNVA FinAdvisory offers comprehensive support for first-time adoption, ensuring a smooth transition:

• Identification of areas of IND-AS impact on the current accounting practices.
• Preparation of transition plans aligned with IND AS requirements.
• Retrospective application of IND-AS
• Restatement of financials for previous periods including the last 2 year’s balance sheet as required by IND-AS 101 – First Time Adoption
• Reconciliation of the re-stated balances
• IND-AS impact study
• Training and support for your accounting team to carry forward the IND-AS adjustment working
• Ongoing compliance monitoring post-adoption.

Our systematic approach simplifies the transition, ensuring your business is IND AS-ready with minimal disruption.

At VNVA we offer our clients an ease of navigating through some complex IND-AS accounting and adjustments by helping them with the self-explanatory workings and evaluations as needed. These are usually required in the following areas :-

IND-AS 116 – Leases

• Evaluation of application of IND-AS 116 on a particular lease arrangement.
• Advisory on structuring of agreement as per the required treatment of a lease arrangement
• Initial and subsequent accounting adjustment of leases as per IND-AS 116.
• Lease modification/termination and consequent accounting adjustment
• Preparation of disclosures for financial statements.

IND-AS 102 – Share Based Payments

• Recognition of expenses in a Share-based payment transaction
• Assessment of accounting impact of vesting conditions
• Advisory on structuring of ESOP schemes
• Reconciliation of opening and closing number of outstanding ESOPs
• Preparation of disclosures for financial statements

IND-AS 109 – Financial Instruments

• Identification of financial and non-financial instruments
• Assessment of the valuation and accounting methodology for various financials instruments (amortised cost, Fair value through PnL, Fair value through OCI)
• Accounting of financial liabilities like loan as per effective interest rate method
• Evaluation and assessment of Market, Liquidity, credit and Interest rate risk for various financial instruments
• Preparation of disclosures for financial statements