Presentation and Preparation of Financial Statements, MIS, Company Profile etc

Preparation of Data is the most time consuming process in any organization. The entities hire many professionals just to prepare, co-ordinate and submit the data to various authorities. FIBOTA offers various services for preparation of Financial data as per the requirement of the customer. FIBOTA help their clients to save time in preparation of the Financial Data.

Services offered by FIBOTA for Preparation and Presentation of Financial data

Preparation of Reconciliation Statement which may include but not limited to Reconciliation of TDS, GST etc


Preparation of Companies / firm / entities Profile in Power Point, word etc


Preparation of MIS as per the required objective of the Management.


Other legal Drafting Services which includes submission to be given to bank, Tax Departments, Partnership deed etc


Detailed understanding of SERVICES offered by FIBOTA

Service 1: Preparation of Reconciliation statements for large corporates. The large corporate has voluminous data to be handled and considering the continuous process they need data to take further actions and mitigate the risk. Say for example the Credit balance under GST in the books of accounts should matched with GSTR-2A. If there is mismatch the company needs data as to which vendor has defaulted in payment and filing of GST return due to which the credit is not reflected in GSTR-2A. FIBOTA’s services help their client to identify such vendor as they prepare the detailed reconciliation as per the requirement of customers. FIBOTA offers various reconciliation services to their customers which helps them to mitigate the risks. The quotation for this kind of services is based on the nature of assignment.

Service 2: Preparation of Financial statements for all kind of entities. An entity may have to report their Financials as Per IND AS, Schedule III of Companies Act, 2013, The Real Estate (Regulation and Development) Act, 2016 or any other statutory law. FIBOTA offers Preparation or convergence of Financial Statement to such entities. The quotation for this kind of services is based on the nature of assignment.

Service 3:Preparation of MIS as per requirement of management. In case of entities having strong MIS reporting requirement, FIBOTA helps their client for preparation of such financial data as per the requirement of management which enable them to take strategic decision based on such MIS. The quotation for this kind of services is based on the nature of assignment.

Service 4:Apart from financial data, FIBOTA has creative designers and FIBOTA offers Preparation and Presentation of Entities Profile which will help them to market their services or products, strengths and experiences. The quotation for this kind of services is based on the nature of assignment

Service 5:Any kind of legal drafting services such as preparation of Partnership deed, Memorandum of Articles or Article of association of the company, FIBOTA offers all kind of legal drafting services. The quotation for this kind of services is based on the nature of assignment.

plan - Income Tax Return filing & TDS Return Filing Services

HOW FIBOTA WILL EXECUTE THE ASSIGNMENT?

Each service line offered by FIBOTA may require different process for smooth execution of the assignment. However, all the service line offered by the FIBOTA as mentioned above is generally availed by large corporates. The standard process for all the service line mentioned above is as under: –

  • The scope of work is communicated by the proposed client.
  • FIBOTA will communicate their understanding of scope of work, along with the team involvement and commercials for scope of work.
  • The engagement terms are entered into between the client and FIBOTA for the assignment to be undertaken.
  • The team of FIBOTA which will include semi qualified and qualified staff will undertake the ground work for execution of the assignment. The assignment will be monitored and reviewed by the relevant professionals.
  • The deliverable will be finalized by the experienced professional and the draft will be discussed with the client. The final deliverable will be then delivered to the client.

WHY FIBOTA?

  1. FIBOTA has required manpower with technical skill for execution of the assignment. So it helps client to save their time and focus on their core competences.
  2. Infrastructure cost and training cost to the staff is saved for the entities availing services from FIBOTA.
  3. Confidentiality of the data is ensured by FIBOTA.
  4. The team of FIBOTA possess the knowledge of using varieties of Accounting softwares/ERPs.
why - Online filing of Appeal

Applicability of IND AS

IND AS applicability were made mandatory in phases, the details of which are under: –

Phase I (FY 2016-17 and onwards)

  • Companies (Listed or unlisted) whose net worth (as on 31st March 2014 or afterwards) is Rs 500 Crore or above.

Phase II (FY 2017-18 and onwards)

  • Companies whose equity or debt securities are listed or are in process of being listed on any stock exchange in India or outside India
  • Unlisted companies having net worth (as on 31st March 2014 or aftwards) of Rs 250 Crore or more

Phase III(FY 2018-19 and onwards)

  • NBFC having net worth of Rs 500 Crore or more
  • Schedule Commercial Banks and Insurance Companies (Regional rural bank and Urban Co-operative bank are not required to follow IND AS)

IRDA has deferred implementation of IND AS in the Insurance Sector by two years i.e. IND As would be applicable from 01/04/2020

RBI has deferred implementation of IND AS on commercial banks by one year i.e. IND AS would be applicable from 01/04/2019.

Phase IV (FY 2019-20 and onwards)

  • NBFC whose equity or debt securities are listed or are in process of being listed on any stock exchange in India or outside India
  • NBFC that are unlisted having net worth of Rs 250 Crore or more

Applicability of INDAS to Holding, Subsidiary and Joint Venture

Indian Company is Joint venture, Holding or subsidiary of Indian Company

  • If IND AS is applicable to any company the IND AS by default IND AS is applicable to that Company’s – Holding, Subsidiary, Joint Venture or Associate Companies.
  • However, if an Indian company which is a subsidiary, associate, joint venture and other similar entities of a foreign company. Then the company shall prepare its financial statements in accordance with the Indian Accounting Standards (Ind AS) either voluntarily or mandatorily if it meets the criteria as specified in sub-rule. In nutshell, if there is not voluntarily adoption of IND AS, then that companies standalone financial statement should fall under the specified criteria mentioned above for mandatory adoption of IND As.

Overseas incorporation of Indian Companies

  • Overseas subsidiary, associate, joint venture and other similar entities of an Indian company may prepare its standalone financial statements in accordance with the requirements of the specific jurisdiction. However, while preparing the consolidated Financial statement of the Company to whom IND AS is applicable, the figure of such overseas incorporation shall be adjusted as per IND AS requirement while consolidating the Financial Statement for reporting in India.

Net worth Calculation for the Purpose of IND AS

Standalone financial statement shall be considered for the calculation of Net worth. Net Worth = Paid-up share Capital + all reserves* out of profit & securities premium account –(accumulated losses + deferred expenditure + miscellaneous expenditure not written off)

* Reserves created out of revaluation of assets and written back depreciation shall not be included in net worth calculation