Archive for February, 2010
IFRS is perhaps the most important change to financial reporting effected on a global scale. IFRS or International Financial Reporting Standards are standards, interpretations and frameworks adopted by the International Accounting Standards Board (IASB).
Packaged Applications are typically used by finance teams to structure and automate the monthly or quarterly aggregation of historical results and include best-practice methodology. But with growing complexity, financial consolidation is becoming more of financial management these days. Primary requirements are Accelerated Reporting Cycles and Reduced Cost of Compliance.
The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) has been adopted by India. The Institute of Chartered Accountants of India (ICAI) has issued a list of companies that should converge their accounting practices with International Financial Reporting Standards (IFRS) by April 2011.
The first list of companies include
SENSEX Companies
Nifty Companies
Companies that [...]
Comparison of the various tools used for financial consolidation, from Excel Spreadsheet to Packaged Solutions
Financial consolidation is a process involving both horizontal and vertical planes. These vertical and horizontal steps are involved irrespective of the process followed by an enterprise. Unless addressed in a structured manner, financial consolidation process will result in one or more pain points