Financial Statement Adjustment Checklist ( FINANCE )

This checklist is designed to ensure that all necessary adjustments are made to financial statements before final approval. It serves as a systematic review to guarantee accuracy and compliance with accounting standards.

• Review Account Balances

  Ensure that all account balances are accurately reflected and reconcile discrepancies.

• Identify Necessary Adjustments

  Determine any required adjustments such as accruals, deferrals, and asset impairments.

• Prepare Adjustment Entries

  Create journal entries for all necessary adjustments identified in the previous step.

• Review Adjustment Entries

  Have a secondary review of the adjustment entries by another finance team member for accuracy.

• Update Financial Statements

  Incorporate the approved adjustment entries into the financial statements.

• Final Approval of Adjusted Statements

  Obtain final approval from management for the adjusted financial statements.

• Document Adjustment Rationale

  Record the rationale for each adjustment made for future reference and compliance.

• Distribute Adjusted Financial Statements

  Send the final adjusted financial statements to relevant stakeholders.