This file explains the concept of consolidation in a very detailed manner. Highlighting the importance of consolidation through automated means so that the organisation is able to take the right decisions on time rather than spend a lot of time preparing CFS.
Women Matter 2012: Making the breakthrough, examines the gender-diversity programs of 235 large European companies. The report investigates what initiatives companies are taking, what is working well or less well, and why.
The research found that most companies are now taking gender diversity issues extremely seriously, devoting real resources to redressing the gender imbalance. But many companies also expressed frustration that their efforts do not always create the expected impact.
Organisational Health Audits assess through a collaborative process ways organisational and employee performance and well-being can be improved based on Human Activity System (HAS) criteria.
The approach taken recognizes that organisational performance and employee well-being are interconnected, and uses a Human Activity Systems (HAS) model to identify interdependent and interacting factors.
This presentation discusses some of the key aspects in carrying out internal audit of the cable operators. Coverage of all areas is very important for a comprehensive audit.
Women Matter 2012: Making the breakthrough, examines the gender-diversity programs of 235 large European companies. The report investigates what initiatives companies are taking, what is working well or less well, and why.
The research found that most companies are now taking gender diversity issues extremely seriously, devoting real resources to redressing the gender imbalance. But many companies also expressed frustration that their efforts do not always create the expected impact.
Organisational Health Audits assess through a collaborative process ways organisational and employee performance and well-being can be improved based on Human Activity System (HAS) criteria.
The approach taken recognizes that organisational performance and employee well-being are interconnected, and uses a Human Activity Systems (HAS) model to identify interdependent and interacting factors.
This presentation discusses some of the key aspects in carrying out internal audit of the cable operators. Coverage of all areas is very important for a comprehensive audit.
This GAAP takes the viewer through the differences between Indian GAAP and IFRS under to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
This presentation was taken for CA attending the GMCS 14 Day batch. The presentation takes the students through some of the finer aspects of professional's life.
Through this presentation we intend to introduce our new software on preparation of Consolidated Financial Statements. This web based software automates all the processes involved in consolidation like Goodwill / Minority / Proportionate Consolidation / Equity Impact Entries / Line By Line presentation. We also intend to cover all the GAAP's through this.
This presentation takes you through the impact of Technology on Audit Environment. There are lot of slides from Tally which is an eye opener in the sense, that how a cheap software like Tally can be effectively used for Audit purposes like planning, documentation, query management. There is also some sharing on what is seen in SAP Environment.
Prepared by CA Sandesh Mundra - An exhaustive presentation on Consolidation of Accounts covering the Standards - AS 21, AS23 and AS 27 with indepth analysis of the finer aspects involved.
This article takes the viewer through the Accounting Aspects related to Insurance under IFRS and the Income Tax requirements in India. It also touches upon the Direct Tax Code and its impact on Insurance based deductions.
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
AS vs IND AS (Old vs New Indian Accounting Standards)sandesh mundra
This presentation takes one through the differences between Indian GAAP (old) vs IND AS (based on IFRS). All major differences have been covered in addition to IFRS carve outs.
This presentation takes one through the impact of budget 2014 on the direct tax provisions. Efforts have been made to simplify the amendments in the best way
Service tax on Works Contract (Post Negative List)sandesh mundra
This article briefly explains the basics of service tax on works contract after the negative list regime. Also covering some of the old disputed issues in the service tax regime. It also touches upon the basic aspects of Cenvat Credit moreso in an environment, where both taxable and exempt services are being rendered.
This ppt explains in very brief the facts about GST implementation in India. The taxes which shall be subsumed within GST and the present taxes which shall remain out of GST ambit.
Service tax on works contract (Pre-Negative List)sandesh mundra
This ppt gives a glimpse of service tax payment in india as applicable to works contractors before the negative list. This is very relevant to builders and developers. Service Tax posers and illustrations were also covered by the speaker during the presentation.
This judgement takes one through the judgement of Kone Elevators in great detail. Various contentions, arguments and the final verdict of the court have been adequately covered in this judgement.
CH- 3 CONCEPTUAL FRAMEWORK OF CORPORATE GOVERNANCE Bibek Prajapati
CH- 3 CONCEPTUAL FRAMEWORK OF CORPORATE GOVERNANCE
FOR CS PROFESSONAL, CA, CMA
Definitions of Corporate Governance
• ICSI Principles of Corporate Governance
• Need for Corporate Governance
• Theories of Corporate Governance
• Evolution and Development of Corporate Governance
• Elements of Good Corporate Governance
The root of the word Governance is from ‘gubernate’, which means to steer. Corporate governance would mean to steer an organization in the desired direction. The responsibility to steer lies with the board of directors/governing board.
• Kautilya’s Arthashastra maintains that for good governance, all administrators, including the king were considered servants of the people. Good governance and stability were completely linked. There is stability if leaders are responsive, accountable and removable. These tenets hold good even today.
• Corporate Governance Basic theories: Agency Theory; Stock Holder Theory; Stake Holder Theory; Stewardship Theory
OECD has defined corporate governance to mean “A system by which business corporations are directed and controlled”. Corporate governance structure specifies the distribution of rights and responsibilities among different participants in the company such as board, management, shareholders and other stakeholders; and spells out the rules and procedures for corporate decision making. By doing this, it provides the structure through which the company’s objectives are set along with the means of attaining these objectives as well as for monitoring performance.
This GAAP takes the viewer through the differences between Indian GAAP and IFRS under to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
This presentation was taken for CA attending the GMCS 14 Day batch. The presentation takes the students through some of the finer aspects of professional's life.
Through this presentation we intend to introduce our new software on preparation of Consolidated Financial Statements. This web based software automates all the processes involved in consolidation like Goodwill / Minority / Proportionate Consolidation / Equity Impact Entries / Line By Line presentation. We also intend to cover all the GAAP's through this.
This presentation takes you through the impact of Technology on Audit Environment. There are lot of slides from Tally which is an eye opener in the sense, that how a cheap software like Tally can be effectively used for Audit purposes like planning, documentation, query management. There is also some sharing on what is seen in SAP Environment.
Prepared by CA Sandesh Mundra - An exhaustive presentation on Consolidation of Accounts covering the Standards - AS 21, AS23 and AS 27 with indepth analysis of the finer aspects involved.
This article takes the viewer through the Accounting Aspects related to Insurance under IFRS and the Income Tax requirements in India. It also touches upon the Direct Tax Code and its impact on Insurance based deductions.
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
AS vs IND AS (Old vs New Indian Accounting Standards)sandesh mundra
This presentation takes one through the differences between Indian GAAP (old) vs IND AS (based on IFRS). All major differences have been covered in addition to IFRS carve outs.
This presentation takes one through the impact of budget 2014 on the direct tax provisions. Efforts have been made to simplify the amendments in the best way
Service tax on Works Contract (Post Negative List)sandesh mundra
This article briefly explains the basics of service tax on works contract after the negative list regime. Also covering some of the old disputed issues in the service tax regime. It also touches upon the basic aspects of Cenvat Credit moreso in an environment, where both taxable and exempt services are being rendered.
This ppt explains in very brief the facts about GST implementation in India. The taxes which shall be subsumed within GST and the present taxes which shall remain out of GST ambit.
Service tax on works contract (Pre-Negative List)sandesh mundra
This ppt gives a glimpse of service tax payment in india as applicable to works contractors before the negative list. This is very relevant to builders and developers. Service Tax posers and illustrations were also covered by the speaker during the presentation.
This judgement takes one through the judgement of Kone Elevators in great detail. Various contentions, arguments and the final verdict of the court have been adequately covered in this judgement.
CH- 3 CONCEPTUAL FRAMEWORK OF CORPORATE GOVERNANCE Bibek Prajapati
CH- 3 CONCEPTUAL FRAMEWORK OF CORPORATE GOVERNANCE
FOR CS PROFESSONAL, CA, CMA
Definitions of Corporate Governance
• ICSI Principles of Corporate Governance
• Need for Corporate Governance
• Theories of Corporate Governance
• Evolution and Development of Corporate Governance
• Elements of Good Corporate Governance
The root of the word Governance is from ‘gubernate’, which means to steer. Corporate governance would mean to steer an organization in the desired direction. The responsibility to steer lies with the board of directors/governing board.
• Kautilya’s Arthashastra maintains that for good governance, all administrators, including the king were considered servants of the people. Good governance and stability were completely linked. There is stability if leaders are responsive, accountable and removable. These tenets hold good even today.
• Corporate Governance Basic theories: Agency Theory; Stock Holder Theory; Stake Holder Theory; Stewardship Theory
OECD has defined corporate governance to mean “A system by which business corporations are directed and controlled”. Corporate governance structure specifies the distribution of rights and responsibilities among different participants in the company such as board, management, shareholders and other stakeholders; and spells out the rules and procedures for corporate decision making. By doing this, it provides the structure through which the company’s objectives are set along with the means of attaining these objectives as well as for monitoring performance.
Evaluation Quick Tricks and Easy Tools for Nonprofits4Good.org
Non-profits leaders are responsible for attracting, retaining, and growing the financial, human, and capital resources required to deliver programs and work towards satisfying the mission. Often this work is done with lean staff and budgets. Although leaders understand the importance of performance and outcome evaluation, they often lack the staff, resources, time, and expertise to fully utilize these efforts. This interactive workshop will explore five easy and effective elements of evaluation. These strategies and tools are inexpensive and simple to implement. Participants will learn how to effectively capture and use data and information to achieve desired results. An overview of specific methods for measuring your mission and transforming results into powerful communication tools will be presented.
Nurturing & Developing The Emerging Areas Of Practice - Corporate Governance...Pavan Kumar Vijay
This presentation deals with the importance of Corporate Governance and Corporate Compliance Management in the emerging scenario of Globalisation, Common Law, E-governance, simplification of laws and single window interface.
Value Addition To Enterpise Through Corporate GovernancePavan Kumar Vijay
This presentation explains the concept of corporate governance, its framework, its principles and the stakeholders involved in corporate governance value chain. It further explains how corporate governance creates value in an enterprise and enhances its brand image. It also states the parameters of value measurements
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
In this presentation, the concept of Affordable Housing is discussed from various angles such as income tax and GST. The PPT also analyses various components of Affordable housing scheme. It also takes into consideration various practical scenarios which are discussed in the form of case studies. The affordability as per public lending institution has also been covered. The presentation also covers various policies and programmes undertaken by the government for promotion of the same.Lastly, it also covers the impact of anti profiteering under the scheme.
After introduction of RERA, West Bengal has come up with its own legislation West Bengal Housing Industry Regulatory Act, 2017. There are various critical issues in this emerging law which can be addressed with the help of decisions and orders of numerous states.
This presentation covers a multidimensional view on impact and effect of GST on industry, economy, assessee, department and Government. An attempt is made to give justice to the multidimensional view of how things work in the industry and the future of GST impact on these stakeholders.
Complications of GST for Real-Estate and Developerssandesh mundra
This presentation contains the categories of units available with the developer as on the appointed day and the controversy attached with each category of unit. The presentation precisely covers all the controversies that could come up for the given category of unit.
An attempt to summarize the crucial aspects of maintaining records under GST is made. Apart from this, the presentation includes all types of audits proposed under GST regime. The system of return filling that the Group of Ministers are finalising together with GSTN officials and stakeholders is also included in the presentation. It also includes issues that may arise during filling of annual return and reconciliation statement.
An attempt to compile relevance of contractual clauses, technique of claiming back lost exemptions through doctrine of promissory estoppel, effect of repeals and omission and related judgments, is made. An overview of legal aspects for ongoing contracts is included.
Issues faced by Realtors and works contractorssandesh mundra
We have listed down several issues faced by Real estate and construction sector. A long list of issues are included separately for builders and works contractor for transition and post GST period.
Presentation contains cases and judgements delivered by courts pre-GST regime. A brief summary of all caselaws is made and an attempt is made to provide a bird's eye view of litigations arising in GST.
Presentation is prepared with the object of simplifying the interpretation issues and providing guidelines to read the rate schedules. Methods and mechanism of claiming tax free exports is also explained.
Goods and Service Tax in India is one of the biggest tax reform in Indirect Tax Regime. It is a destination bases tax levied on supply of Goods and Services. It includes impact of GST on several sectors. It also includes development of GST by way of notifications, circulars, press releases and other other compliances under GST.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the what'sapp contact of my personal pi merchant below. 👇
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...
Corporate Governance through Consolidation
1. Governance through Consolidated Financial
Statements
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
2. Structure of Talk
• Governance
• Concepts of Consolidation
• Transforming Consolidated Financials as
Governance Tool
• Questions
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
3. Objective of my ‘Talk’
• To Sensitize towards role of financial
community in Governance.
• To bring concepts of BI,DW,DM in perspective
& progress toward value addition
• An initiative is overdue for Automation of BI
• Application of Decision Support System &
prospective thinking
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
5. What is Governance
Objective of Corporate (Company or Group)
Predictability to stack holders
How to Achieve:
* Microscope *Telescope * Combination
* Combination Sequence
Microscope on top of Telescope
Telescope on Microscope
GRC (Governance, Risk and Compliance) - Superset Domain
• Oxford English Dictionary defines “Governance” as the act, Manner, fact or
function of governing, sway, control
• The word has Latin origins that suggest the notion of ‘steering’. It deals with the
processes and systems by which an organization or society operates.
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
6. What is Governance
Governance
Governance relates to decisions that define expectations, grant
power or verify performance. Needs setup to administer these
processes and systems
Management
The act of getting people together to accomplish desired goals.
Management comprises planning, organizing, leading or directing
and controlling means the act of getting people together to
accomplish desired goals.
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
7. What is Corporate Governance
Corporate governance is the set of processes,
customs, policies, law and institutions affecting the
way a corporation is directed, administered or
controlled.
A system of checks and balances between the board,
management and investors to produce an efficiently
functioning corporation, ideally geared to produce
long-term value
The Cadbury Committee report defines it as “the
system by which companies are directed and
controlled”.
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
8. What is Corporate Governance
It is a system of structuring, operating and controlling a
company with a view to achieve long term strategic goals to
satisfy shareholders, creditors, employees, customers and
suppliers, and complying with the legal and regulatory
requirements, apart from meeting environmental and local
community needs.
An internal system encompassing policies, processes and
people, which serves the needs of shareholders and other
stakeholders, by directing and controlling management
activities with good business savvy, objectivity and integrity.
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
9. What is Corporate Governance
• “Corporate governance is the system by which companies are directed and
managed. It influence how the objectives of the company are set and
achieved, how risk is monitored and assessed, and how performance is
optimized.”
•“Good corporate governance structures encourage companies to create value
(through entrepreneurism, innovation, development and exploration) and
provide accountability and control systems commensurate with the risk
involved.”
•Corporate governance is as much about systems, procedures and policies as
it is about culture, values and ethics
• It embraces risk management and compliance
• Good governance leads to better accountability
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
10. Why Corporate Governance
"enhancement of the long-term
shareholders value while at the same time
protecting the interests of other
stakeholders."
CORPORATE GOVERNANCE is needed to
create a corporate culture of
consciousness, transparency and openness.
It refers to combination of laws, rules,
regulations, procedures and voluntary
practices to enable the companies to
maximize the shareholders long-term value.
It should lead to increasing customer
satisfaction, shareholder value and wealth.”
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
11. Level of Corporate Governance
• Commitment, policy, board responsibilities,
STRUCTURAL
continuous improvement
ELEMENTS
•Identification of issues, operating
procedures, breaches and complaints, record
OPERATIONAL
keeping, internal reporting
ELEMENTS
•Education and training, visibility and
MAINTENANCE communication, monitoring and assessment,
ELEMENTS review, liaison
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
12. Conceptualizing Corporate Governance
Performance
Process Standard
Policies Efficiency
Effectiveness
Corporate Culture
Predictabilit
Consciousness Internal System y
Disclosure Controlling
Transparency Operating
Objectivity
Openness Structuring
Integrity
Accountability
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
13. Difference between
Corporate Governance &
Management
CORPORATE CORPORATE
GOVERNANCE MANAGEMENT
External Focus Internal focus
Governance
Governance assumes Management
an open system assumes a closed
system
Governan Strategy-oriented Task oriented
ce
Management
Concerned with Concerned with
where the getting the company
Company is going there
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
14. Concepts of
Consolidation
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
15. • Basics on Consolidation
– How did the concept emerge - Enron
– Legal Footing
– The process as per AS – different modes of consolidation
– Definition of Control
– Global perception on CFS
• Complex group Structures
• Markets and CFS – Value relevance
• CFS challenges
• Inference
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
16. Kreuger Crash of the early 1930s.
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
17. Enron Scandal made headlines…..
“off–balance sheet” partnerships that hid billions of
dollars of liabilities.
Enron used about 500 such SPEs and thousands of
other questionable partnerships
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
18. www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
18
CA Sandesh Mundra,
Automating the CFS……….. CA Sandesh Mundra
19. Indian Scenario
• India - Standalone & CFS (From 2001)
• Only CFS – No? (Only US/UK)
• No Guidance in Companies Act
• SEBI Compliance
• Income tax – No recognition
• FDI - US $ 154 billion in 07-08
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
20. Indian Scenario
• 1,490 BSE companies have subsidiaries out of 5732
• 13.8 per cent have not provided CFS
• CFS on annual basis
• Option to publish quarterly
• Reading the profits
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
21. Comparison
Name Revenue Revenue Profit Profit
standalone Consolidated Standalone Consolidated
IRB Infra 267 cr 2438 cr 90 cr 454 cr
Shopper’s 12 cr -1.5 cr
Stop
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
22. Reporting Entity
• Identifying the boundary
• the economic activities in single / multiple
entities
• CFS vs Standalone - HO vs Branch
• Dividend and Taxes
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
23. Value Relevance for Markets
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
24. Legal Eye
• Mandatory for Listed entities as per Listing
Agreement but no mention in the Companies
Act
• Proposed in the new Companies Bill, 2011,
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
25. New Companies Bill 2011
Financial statements
• Section 129 - If the company has one or more
subsidiary companies, associate companies or
joint ventures, the financial statements of
these companies and joint ventures will have
to be consolidated and these consolidated
financial statements will also be required to
be placed before the General Meeting.
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
29. Evolution of the definition of “Control”
More than 50% in nominal value of shares
More than 50% in voting rights
More than 50% in voting rights or control of
composition of BOD
Consideration of potential voting rights for calculation
of 50%
Power to govern operating and financial policies of the
entity
Special Purpose Entities
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
30. Challenges in Consolidation:
• Multi Currency
• Various methods of consolidation
• Various Accounting Standards (AS, IFRS, etc.)
• Various types of entities: Branch, Partnership firm,
Private Limited companies, Limited companies
• Various Relationships in consolidation: Subsidiaries,
Joint Venture, Associates, etc
• Out of books effects – Goodwill / Minority
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
31. Important Definitions:-
Consolidated financial statements are the financial statements of a
group presented as those of a single economic entity.
Control is the power to govern the financial and operating policies of
an entity so as to obtain benefits from its activities.
Non-controlling interest is the equity in a subsidiary not attributable,
directly or indirectly, to a parent.
A subsidiary is an entity, including an unincorporated entity such as a
partnership, that is controlled by another entity (known as the parent).
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
32. Consolidation Process
Trial
Balances -
Alignment
Balance
Sheet
Consolidation
Profit and
Loss
Account
Cash Flow
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
34. Critical issues
• Changes in Stake
• Changes in Relationship
• Accounting Policy Adjustment and the impact
on Minority and Goodwill
• Upstream and Downstream transactions
• Cash Flow Statement
• Equity Accounting vs. Proportionate
• Deferred Tax Accounting
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
35. Maintenance of Two books of
Accounts
• Standalone books of Subsidiary at
carrying values
• Fair Value Books for the purposes of
consolidation.
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
36. Current Scenario
• Time and Repetitions
• Staff Deployment
• Human Dependency
• Lack of Reliability
• Bulky Data
• Decentralised Working not possible
So a lot of time is spent on compliance rather than
inference ?
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
37. Transforming
Consolidated Financials
as Governance Tool
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
38. A Journey of Preparation of
Consolidated Financials
Walkthrough results is
Process is Manual cum office automation tool oriented
Knowledge of financial team is quite low of this Domain
Control Structure is hardly visible
Accuracy and Transparency is Person Dependent
(‘Worship the Hero’, CMM-SEI-Level 0)
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
39. Perspective of Consolidated Financials
• Rule Engine to remove ‘Fat’ (Objective Perspective)
• Compliance (Operational Perspective)
• Decision support tool
Govt. (How Corporate Behave in Structuring)
Corporate group (MIS)
• Business Intelligence (inside out -Beyond Transaction
Processing)
Analytics
Data Warehousing & Mining
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
40. Consolidated Financials
Inference (BI - Analytics)
• Key Performance Indicators
Analysis of Indicators
Behavior Pattern
Vertical Specific Standards
Establish Benchmark
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
41. Consolidated Financial Cockpit
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
42. Automation Status
• 1980’s of books A/c stage for financial
consolidation
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
43. #9
Automation – Change in Orientation
• Quick availability through automation
• BI perspective compromises
– Trade Off - Time Vs Accuracies
• Technology Pace – Cloud and BYOD
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
44. Challenges of Consolidated Financial
Automation
• Base
– Rule, Interpretation, Precedence
• Complexity has never been issue – Clarity is the Issue
• Technology
– Heterogeneous Technology
• Different Hardware and Software in same Group
• Dynamics of Changes
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
45. Consolidated Financials
can create
Impact on Governance
• Decisions based on pattern
(Informed Decision)
• Decision for processes
• Decision for Policy and Priorities
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra
46. Contact Details
Aarna Soft Solutions Private Limited
Consoxle – Automating the Consolidated Financial Statements
Email: info@aarnasoft.net
Mobile: +91 9426024975
Web: www.consolidationofaccounts.com
Thank You !
www.consolidationofaccounts.com Presentation by Dr Kalpesh Parikh
Automating the CFS……….. CA Sandesh Mundra