If an entity wants to change its fiscal year from 31Mar to 31 December, then an entity has to make the following adjustments according to IFRS1 to make the financial statements comparable.
1. The entity is required to prepare two set of financial statements including two statements of profit and loss, two statements of financial position, two statements of cash flows, and two statements of changes in equity. The period for the first set of financial statements must be of 9 months ie from 31 Mar to 31 December and then for 12 months in the upcoming year.
Moreover, the entity has to disclose that:
- The reason for the change in the fiscal year.
- The financial statements are not completely comparable.