Hyperion's financial consolidation module to help corporates meet Sebi guidelines

Anindita Dey Mumbai, Dec 25:

With guidelines of Securities and Exchange Board of India (Sebi) on financial consolidation for corporates being made mandatory, corporates can look forward to the business analysis solution offered by US-based Hyperion Enterprise through its sole distributor in India -- Thirdware Solution Ltd, for a breather.

On the part of corporates, need for business solutions has become imperative with the regulatory guidelines for financial consolidation being made mandatory. Thirdware, otherwise known as tspl.com among the technology savvy finance controllers, has already been servicing various corporates across sectors. Among the large section of corporates which are using the Hyperion include consumer product majors Godrej Soaps, Godrej Sara Lee and Hindustan Lever, food and beverage majors Bacardi Martini, Foster's India Ltd, Godrej Pillsbury Ltd, automotive companies like Ford Motor India, Tata Johnson Control Automotive Ltd, Meritor HVS Ltd and pharma majors like Piramal Enterprise and Knoll Pharmaceuticals.

According to the finance controller of a leading FMCG company, the financial consolidation module is a good system. The company has already evaluated its efficiency vis-a-vis the company's financial details and is exploring the possibility of incorporating the package at a later stage. The package is useful, he added, once the diverse functions in a multi-division corporate are integrated

In the light of the new changes brought into effect by accounting standards AS-17 for segment reporting, AS-21 for consolidated financial statement, the major issues t hat come under the purview of these accounting standards include consolidated profit and loss account and balance sheet, segment reporting, deferred taxes, related party transactions and earnings per share.

Segment reporting would include reporting financial information about different type of products and services which an enterprise produces and the different geographical areas in which it operates.

At present, Hyperion is assisting 60 per cent of the fortune 500 companies across the globe for corporate consolidation.