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.
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