Kanak Modi

Financial Reporting | Ind AS | IFRS | Consolidation | Transformation

• Advised management in the preparation and finalisation of standalone and consolidated financial statements in compliance with Ind AS and IFRS, including support during audits and stakeholder reviews.
• Possess strong theoretical and practical knowledge of Ind AS and IFRS, with hands-on experience in application, interpretation, and issue resolution across complex accounting areas.
• Managed stakeholder expectations by coordinating with finance teams, auditors, and internal leadership through proactive communication and timely resolution of reporting matters.
• Led the preparation of consolidated financial statements for a large EMEA-based multinational group under IFRS, including:

- Development of analytical dashboards to track key financial drivers

- Preparation of cash flow statements

- Generation of functional cost-based P&L (V200) reports to support management analysis

• Spearheaded a team of 20+ professionals, managing the end-to-end financial reporting lifecycle for multiple group entities, ensuring accuracy, timeliness, and compliance with regulatory standards.
• Facilitated and conducted internal technical training sessions on topics such as Ind AS/IFRS updates, EAC opinions, digital assets accounting, and emerging financial reporting issues, contributing to team capability building.
• Led and executed engagement risk management and compliance processes for EY engagements, including:

- Client and engagement acceptance procedures

- Independence and conflict checks

- Compliance with EY risk management policies

- Timely completion of mandatory risk and quality documentation

• Prepared financial statements for UK-based holding companies, including detailed intercompany loan schedules and disclosures.
• Led an intercompany reconciliation project covering 75+ entities across the EMEA region, ensuring accurate elimination, alignment of balances, and resolution of long-outstanding differences.
• Prepared diagnostic assessment reports for Ind AS conversion for an overseas entity transitioning from local GAAP (SFRS) to Ind AS, including gap analysis and key accounting impact areas.
• Drafted technical accounting memos on:

-Fulfilment cost accounting

- Revenue recognition under Ind AS 115 / IFRS 15 for clients in the technology and semiconductor services industry, supporting management judgement and audit discussions.

• Preparation and tracking of unit-level revenue estimates by coordinating with unit leadership and providing weekly updates to senior management, including identification of risks impacting target achievement
• Facilitated financial reviews with business groups and partnered with them to ensure effective financial and cost management
• Analysis of complete P&L for Cloud and Cyber Security practice, one of the largest service lines at Infosys
• Budgetary control (both Capex and Opex) at unit level - planning and approving spends on controllable costs;
• Preparation of controllable cost estimates (subcontracting charges, third-party costs, computer maintenance, etc.) and performed variance analysis on a MoM and QoQ basis
• Provided month-end cost booking guidance to ensure parity of costs with service periods, including alignment of costs and revenue for accurate margin reporting at the project level
• Tracking of one-time items, business pipeline, volume estimates, accounts receivable, and other P&L components

• Executed statutory audits, limited reviews, and interim audits for reputed organisations including Gillanders Arbuthnot & Co. Ltd, Techno Electric & Engineering Co. Ltd, The Indian Institute of Metals, and Dhanania Rubber Ltd, with hands-on involvement in financial statement finalisation, variance analysis, and audit of HR, sales, purchase, and expense cycles.
• Conducted internal audits and process reviews for large corporates and real estate entities such as Amalgam Steel & Power Ltd, Ambuja Housing & Urban Infrastructure Co. Ltd, Shrachi Group, Belani Group, and Sasta Sundar Health Buddy Ltd, focusing on SOP compliance, process improvement, and physical verification.
• Performed store and operational audits for major retail players including Future Retail Ltd and Safari Industries (India) Ltd, covering 15+ Big Bazaar, Ezone, and Hometown stores, with responsibilities spanning inventory management review, debtor collection analysis, physical verification, and audit reporting with management discussions.
• Handled tax and GST compliance engagements for clients such as Choicest Enterprises Ltd, Magma Fincorp Ltd, and Essel Mining & Industries Ltd, including preparation of Form 3CA/3CD, GST return filing via IRIS software, GSTR-2A reconciliation, and GSTR-9 annual return preparation.
• Delivered specialised accounting and certification assignments, including consolidation of accounts for Universal Autocrafts Pvt. Ltd., SAD certification for Bengal Tools Ltd, and bank reconciliation in Oracle for SREI Equipment Finance Ltd, strengthening exposure to group reporting and financial systems.