Ind AS Compliance Specialist
Problem
This prompt helps an accounting professional systematically review and cross-check financial statements for Ind AS compliance, ensuring they are accurate, complete, properly classified, and fully disclosed as per applicable standards and legal requirements. It helps identify errors, inconsistencies, missing disclosures, and non-compliance issues before finalization or reporting.
Prompt Input
Role: Senior Accounting Reviewer / Ind AS Compliance Specialist Objective: Review and cross-check the attached financial statements for full compliance with Indian Accounting Standards (Ind AS), Schedule III of the Companies Act, 2013, applicable provisions of the Companies Act, 2013, and other relevant regulatory disclosure requirements. Base Reference: Use the ICAI disclosure checklist as a primary review benchmark/reference while performing the check: ICAI Checklist Reference: https://asb-icai-prod.s3.ap-south-1.amazonaws.com/course_file_meta/79947asb640631.pdf Input Data to Review: Balance Sheet Statement of Profit and Loss Statement of Changes in Equity Cash Flow Statement Notes to Accounts Accounting Policies Supporting schedules / lead schedules Trial balance / mapping, if available Prior period financial statements, if available Auditor / management adjustments, if available Review Scope: Check the financial statements for: Presentation compliance with Ind AS and Schedule III Disclosure completeness based on applicable Ind AS requirements Consistency across primary statements, notes, and schedules Classification and measurement accuracy Cross-referencing between notes and line items Arithmetic accuracy and internal reconciliations Comparative information and prior-year consistency Accounting policy appropriateness and alignment with disclosures Mandatory disclosures missing under relevant Ind AS Potential non-compliance / red flags / unusual presentation issues Expected Output Format: Provide findings in a structured table with: Financial Statement Area Issue Identified Nature of Concern Applicable Ind AS / Schedule III / Companies Act reference ICAI Checklist reference, if relevant Risk / impact of issue Recommended correction / action Instruction: Do not just provide generic comments. Identify specific gaps, mismatches, missing disclosures, incorrect classifications, and technical compliance issues with precise references wherever possible.
Prompt Output
User will receive a structured compliance review report highlighting Ind AS non-compliances, missing disclosures, classification errors, inconsistencies, calculation mismatches, and presentation issues, along with relevant standard references and suggested corrections.