IFO4
Loading...The close cycle executed at the end of the fiscal year, comprising the standard close activities plus year-end adjustments, audit support, and the preparation of full annual financial statements. Year-end close is the most rigorous close cycle and coincides with the audit fieldwork in audited members. The federation requires year-end close to deliver a complete annual disclosure package, reconcile to the audit deliverables, and document any material adjustments arising from the audit process under UFMS-001:4.1. Late adjustments affecting prior quarters are footnoted with quantification.
A standard term of corporate accounting tied to the annual reporting cycle; the construction is settled across all major accounting standards.
Federation members publish a year-end close calendar aligned with audit fieldwork. The annual disclosure package is delivered within the published cycle time. Adjustments affecting prior quarters are footnoted in the next quarterly disclosure under MEV-Annex:5.1.
@misc{ifo4_glossary_year_end_close,
title = {{Year-End Close}},
author = {{IFO4 Federation Editorial Board}},
howpublished = {{IFO4 Federation Glossary, slug \texttt{year-end-close}}},
year = {2026},
url = {https://ifo4.org/glossary/year-end-close},
note = {Category: Budget & Forecast; key: YearEndClose}
}Federation members and accredited practitioners may challenge any entry under TGS-002:1.7. Filed challenges are routed to the editorial board, triaged into the revision register, and resolved in writing on the public docket. The slug remains stable through any revision.