labels: it news
Hyperion Solutions enters India news
Praveen Chandran
04 January 2002

Mumbai: Hyperion Solutions Corporation, a $512-million US-based information technology company, has ventured into the Indian market. The company has tied up with Thirdware Solution, a Mumbai-based IT solutions provider, to market and operate its leading financial consolidation solution called Hyperion Enterprise in India.

The tie-up assumes significance in the Indian context, as all the listed Indian corporates are looking forward to organise the finances of their group companies to meet the challenges of new accounting standards prescribed by the Securities and Exchange Board of India (Sebi).

The market watchdog has made two new accounting standards AS-17 and AS-21 mandatory for all listed Indian corporates and its non-listed subsidiaries or group companies. It has also directed the corporates to submit consolidated financial statements before announcing quarterly or yearly results to Sebi.

Says Thirdware Solutions director Pradeep Erinjery: "Public limited companies have a challenging task ahead as they have to get every necessary information from all their subsidiaries, prepare consolidated results and do segment-wise reporting. Keeping track of fluctuating share holdings in different subsidiaries running on different accounting or ERP system, subsidiary companies having non-uniform chart of accounts and following a different financial year are some of the major issues faced by the corporates the world over."

In India, major accounting issues that crop up as a result of AS17 an AS21 are: elimination of the holding companys investment and the subsidiarys equity; elimination of the inter-company balance-sheet; entry for minority interests in the consolidated profit and loss accounts and balance sheets; and reporting segment-wise revenue.

Erinjery says Hyperion Enterprise is the leading financial consolidation solution being used by more than 3,500 organisations all over the world to simplify the collections, consolidations and reporting of financial results.



 search domain-b
  go
 
Hyperion Solutions enters India