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eGovern




eGovern is a suite of applications aimed at assisting good corporate governance. It facilitates presentation of financial accounts, transition to IFRS, adequate & proper disclosures, consolidation of accounts and regulatory compliance in key areas.


Corporate Governance is a key focus area globally for all stakeholders.


"Corporate governance is about maintaining an appropriate balance of accountability between three key players : the corporation's owners, the directors whom the owners elect, and the managers whom the directors select. Accountability requires not only good transparency, but also an effective means to take action for poor performance or bad decisions."


'Mary Schapiro-Chairperson, SEC, USA'


Corporate governance is about commitment to values and ethical business conduct. It is about how an organization is managed. This includes its corporate and other structures, its culture, policies and the manner in which it deals with various stakeholders. Accordingly, timely and accurate disclosure of information regarding the financial situation, performance, ownership and governance of the company is an important part of corporate governance. This improves public understanding of the structure, activities and policies of the organization. Consequently, the organization is able to attract investors, and enhance the trust and confidence of the stakeholders.


Corporate governance guidelines and best practices have evolved over a period of time. In India, the Confederation of Indian Industry (CII) took the lead in framing a desirable code of corporate governance in April 1998. This was followed by the recommendations of the Kumar Mangalam Birla Committee on Corporate Governance. This committee was appointed by the Securities and Exchange Board of India (SEBI). The recommendations were accepted by SEBI in December 1999, and are now incorporated in Clause 49 of the Listing Agreement. The revised clause 49 was made effective from January 1, 2006.


The Ministry of Corporate Affairs, Government of India, has published the Corporate Governance Voluntary Guidelines 2009. These guidelines have been published keeping in view the objective of encouraging the use of better practices through voluntary adoption, which not only serve as a benchmark for the corporate sector but also help them in achieving the highest standard of corporate governance. These guidelines provide corporate India a framework to govern themselves voluntarily as per the highest standards of ethical and responsible conduct of business. The Ministry hopes that adoption of these guidelines will also translate into a much higher level of stakeholders' confidence that is crucial to ensuring long-term sustainability and value generation by business.


We believe that sound corporate governance is critical to enhancing and retaining investor trust. Accordingly, we seek to provide companies with tools to attain performance goals with integrity and the Board exercise its fiduciary responsibilities in the widest sense of the term.


Our corporate governance philosophy is based on the following principles:

  • Satisfy the spirit of the law and not just the letter of the law. Corporate governance standards should go beyond the law
  • Be transparent and maintain a high degree of disclosure levels. When in doubt, disclose
  • Make a clear distinction between personal conveniences and corporate resources
  • Communicate externally, in a truthful manner, about how the Company is run internally
  • Management is the trustee of the shareholders' capital and not the owner.

The eGovern suite is an evolving set of applications assisting companies in their endeavour of good corporate governance, by ensuring proper compliance, identification and mitigation of risk.


eTransit



The best tool for bridging the gap from Indian AS* to IFRS. eTransit will give you the knowledge, process and tools for a methodical move to full IFRS compliance.


* Enquire for other geographies and AS/GAAP.



For further enquiries mail to customercare@egovern.in

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eTransit enables you to systematically, bridge the gap from India AS to IFRS, with well documented processes, ready to use sample disclosures, policies and latest technology cloud computing tools. Get fully compliant IFRS Statement of Financial Position, Statement of Comprehensive Income, Cash Flow statement, NCI workings and much more.
For further enquiries mail to customercare@egovern.in

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When navigating unknown waters of IFRS transition for the first time or when reviewing periodic reporting compliance, get the dependable guiding light. Available 24 x 7 x 365, protected by Verisign 128 bit encryption, hosted on secure enterprise cloud servers, with built in domain knowledge, you can depend on eTransit.
For further enquiries mail to customercare@egovern.in

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In the quest for compliance with a continuously improving standard, use eTransit for faster, better and complete compliance of IFRS. eTransit is India's first IFRS compliance application on the cloud. Ask for our assisted transition services for a stress-free move to IFRS.
For further enquiries mail to customercare@egovern.in

IFRS Transition


eTransit is part of the eGovern suite of solutions aimed at corporate regulatory compliance advisory, business risk assessment & minimisation.


eTransit is an assisted transition platform and service for transiting from Indian GAAP to IFRS for companies required to or desirous of presenting their accounts in compliance with a globally accepted format. This can be extended to other countries as well.


Bringing together multi-functional teams and domain experts to address the wide scope of activities and aspects that IFRS touches, eTransit ensures that all essential issues are addressed in a methodical manner within a robust technology framework, certified processes and secure environment.


eTransit enables company & the advisory teams to simultaneously log-in to their respective modules and fast track the process of compliance. Data capture, query resolution, progress monitoring becomes fast & easy.


The application follows well documented procedures and checklists to ensure full, proper and complete compliance with IFRS requirements. It has a built in audit trail and facility to attach important relevant supporting documents at each stage. Journal entries for IFRS adjustments, provide a clear and easy way to track the changes. An in-built communication forum permits transmission of confidential data in a secure environment without leaking into the open email domain. Escalation matrix and business rules ensure strict adherence to timelines for a timebound work schedule.


Being an online SaaS the platform and service is constantly evolving to better meet the changing requirements of a disparate group of users and captures the nuances of various industry verticals and domain experts working on them, making it an intelligent and self improving system.


eTransit is part of the eGovern suite of solutions aimed at corporate regulatory compliance advisory, business risk assessment & minimisation.


For further enquiries mail to ifrs@penta.co.in


IABS


International Accounting Standards Board - IASB


The move towards global standards 


The goal of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. 


In pursuit of this goal, the IASB works in close cooperation with stakeholders around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of high-quality global standards.


Progress toward this goal has been steady. All major economies have established time lines to converge with or adopt IFRSs in the near future. The international convergence efforts of the organisation are also supported by the Group of 20 Leaders (G20) who, at their September 2009 meeting in Pittsburgh, US, called on international accounting bodies to redouble their efforts to achieve this objective within the context of their independent standard-setting process. In particular, they asked the IASB and the US FASB to complete their convergence project by June 2011.


Source:IFRS.org website


Adopt, adapt, converge


While convergence may be the necessary preparation for some countries to adopt IFRSs, the simplest, least costly and most straightforward approach is to adopt the complete body of IFRSs in a single step rather than opting for long-term convergence. Certainly, this is a significant change, but the alternatives may be more difficult and may be of less benefit to a country in the long run.

India has chosen to 'converge' with IFRS, as opposed to 'adopting' IFRS. What this means is that the Indian regulators are planning to issue new Indian accounting standards (subsequently referred to as Ind-AS), which are 'converged' with IFRS (have the same requirements as IFRS).India has chosen to 'converge' with IFRS, as opposed to 'adopting' IFRS. What this means is that the Indian regulators are planning to issue new Indian accounting standards (subsequently referred to as Ind-AS), which are 'converged' with IFRS (have the same requirements as IFRS).


The Institute of Chartered Accountants of India (ICAI) has now issued Exposure Drafts (EDs) of substantially all Ind-AS, which will ultimately be the IFRS converged standards to be followed by affected companies. An analysis of these EDs reveals that the ICAI has decided to deviate from IFRS as issued by the IASB (subsequently referred to as IFRS) in certain areas. These deviations can broadly be categorized asThe Institute of Chartered Accountants of India (ICAI) has now issued Exposure Drafts (EDs) of substantially all Ind-AS, which will ultimately be the IFRS converged standards to be followed by affected companies. An analysis of these EDs reveals that the ICAI has decided to deviate from IFRS as issued by the IASB (subsequently referred to as IFRS) in certain areas. These deviations can broadly be categorized as
1. Deviations that eliminate choices/accounting options provided under IFRS1. Deviations that eliminate choices/accounting options provided under IFRS
2. Deviations to clarify interactions between accounting standards and regulation2. Deviations to clarify interactions between accounting standards and regulation
3. Use of different terminology3. Use of different terminology
4. Use of different transition provisions4. Use of different transition provisions


Companies that want to fully comply with IFRS (either to meet current or future overseas reporting requirements) would therefore need to carefully manage their transition to Ind-AS and to make sensible choices on transition to Ind-AS to achieve the objective of full convergence with IFRS. 


While the transition to the IFRS converged standards (Ind-AS) may pose significant challenges and have a significant impact on the financial statements of companies; there are several exemptions available for a first-time adopter of Ind-AS, to ease the transition. Similarly, the transition may offer various accounting policies choices and opportunities that were previously not available. 


The resultant impact on the net worth is usually adjusted against the opening reserves. The first-time adoption standard acknowledges that retroactive adjustments may not be feasible in all cases. Accordingly, certain one-time exemptions are available to a first-time adopter. 



Making the Transition to IFRS



In 2005, the vast majority of EU listed companies and in many other countries made the switch to IFRS. The good news: investors are now able to understand and compare financial statements from companies around the world. Result: lower cost capital more efficiently allocated. The not-so-good news: it's been a challenge getting through the IFRS conversion process and initial reporting period. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company`s day-to-day operations or even impact the reported profitability of the business itself. The main reason why most companies want to adopt IFRS is to enable the domestic & global investor community & other stakeholders to understand and benchmark their financial statements on a globally accepted standard of financial reporting. The only way to make a valid claim is to apply all the standards as issued by the IASB and make the compliance representation required by IAS 1. Hence, while convergence is good, adoption & transition is necessary to be truly able to harvest the benefits of the change. Once a company has decided on the path it will follow, the task moves from policy to project management. In 2005, the vast majority of EU listed companies and in many other countries made the switch to IFRS. The good news: investors are now able to understand and compare financial statements from companies around the world. Result: lower cost capital more efficiently allocated. The not-so-good news: it's been a challenge getting through the IFRS conversion process and initial reporting period. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company`s day-to-day operations or even impact the reported profitability of the business itself. The main reason why most companies want to adopt IFRS is to enable the domestic & global investor community & other stakeholders to understand and benchmark their financial statements on a globally accepted standard of financial reporting. The only way to make a valid claim is to apply all the standards as issued by the IASB and make the compliance representation required by IAS 1. Hence, while convergence is good, adoption & transition is necessary to be truly able to harvest the benefits of the change. Once a company has decided on the path it will follow, the task moves from policy to project management.


Once a company has decided on the path it will follow, the task moves from policy to project management.


The plan.
The key to a successful transition is to build a plan for the transition. It is surprising that a number of companies make a decision to adopt or move to IFRS without having made a detailed or comprehensive plan. In the case of an IFRS transition, there is a real risk of planning too small. Certainly a change in accounting standards affects the accounting profession, companies, and financial regulators. On a company level, it may affect systems, debt covenants, personnel departments, and public relations. 


The team.
We believe a successful IFRS team involves every sector that will be affected by the change. It is essential to have a team from all functional departments affected, such as accounting, legal, secretarial, technical, information systems, HR, etc. Also, the members of the team should have the power to make things happen in their individual circles. Also, and most important, team members should be accountable for specific deliverables. 


The Process.
There will be problems. There will be many situations requiring in depth knowledge and experience in specific areas. There will be situations in which it seems that existing IFRSs do not consider or cover a particular situation that may be faced by a company. Successful companies & advisory teams build a mechanism for identifying cases and bringing them to a group charged with addressing them. The objective is to gain a full discussion of the facts and possible solutions and necessary actions. 


Involve the Experts

That is what we are here for - creating solutions and mitigating your problems. There are good reasons why a company should involve the experts. Involving multi -functional experts in the transition also builds confidence and a strong footing to address the various situations and issues that the company will face on the road to transition and compliance. It helps to involve the major stakeholders and the advisors into the process early on. 


eConsolidate



Your gateway to better, faster and easier financial consolidation (FC). Whether you are consolidating 2, 20 or 200 entities, eConsolidate is the application that will put you in full control of the consolidation process.



For further enquiries mail to customercare@egovern.in

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Be in full control with eConsolidate's step-by-step FC management, automated MI, FX computation and guided ICE entries. Add disclosures and policies. Get consolidated Balance Sheet, P&L Account, Cash Flow statement and much more.
For further enquiries mail to customercare@egovern.in

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Ensure full and standard consolidation across the group of companies, with all entities working on the same page, latest trial balances, disclosures, policies, etc. With eConsolidate's 24 x 7 x 365, Verisign secured, enterprise cloud based services.
For further enquiries mail to customercare@egovern.in

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If you are in-charge of financial consolidation for your group and value security of data, data version validation, in-built checks & balances, easy collaboration between users in group entities, faster completion of FC, get in touch with us to see how easy FC is with eConsolidate.
For further enquiries mail to customercare@egovern.in

Corporate groups with one or more subsidiary companies need to consolidate their financial results. Under IFRS, consolidation of even the associate companies is required.


Such groups benefit from getting an application for easy consolidation of accounts. Adjustments for inter companies balances, minority interests, foreign currency conversion and presentation in IndAS formats and the new IFRS formats for Balance Sheet, Operating Statement and Cash flow statements. XBRL outputs are also offered.


The application allows consolidation of a combination of different company accounts in a level-wise rollup format making it possible for partial consolidation or what-if scenario mapping. It allows for financial consolidation of unlimited number of group companies. Branch accounts, site accounts, project accounts are handled with equal ease, accuracy and convenience.


With proper audit trail, secure environment, attachment of disclosures, accounting policies and accepted reporting formats, the eConsolidate application offers great convenience and terrific value.


Offered as a SaaS model, this application removes the barriers of time and geography, allowing users to upload, process and review data and reports anytime-anywhere in a secure 128 bit encryption environment.


eConsolidate is part of the eGovern suite of solutions aimed at corporate financial reporting, regulatory compliance, business risk assessment & minimisation.


For further enquiries mail to info@egovern.in


eComply



Your gateway to better, faster and easier compliances. Whether you are managing regulatory, audit or process compliances, eComply is the application that will put you on top of your game.



For further enquiries mail to customercare@egovern.in

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Be on top of your game with the much needed assurance of full compliance, with eComply's proactive compliance management tools, intelligent layer for applicable laws, auto-scheduled procedures, dashboards, alerts and much more.
For further enquiries mail to customercare@egovern.in

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Delegate and monitor, full and standardised compliance, across the organisation or group of companies, with eComply's 24 x 7 x 365, Verisign secured, enterprise cloud based services.
For further enquiries mail to customercare@egovern.in

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Different strokes for different people. eComply is available in a wide variety of feature packages to suit users having differing requirements. From micro and SME users to Sensex listed conglomerates. eComply is India's first cloud based compliance application. Contact us, to see how it can change your compliance management.
For further enquiries mail to customercare@egovern.in

Governance, Risk, Compliance


A GRC Service


For want of a nail, a kingdom was lost. This old story captures the spirit of GRC.


While all compliance requirements need attention, some key compliance areas, which if defaulted upon can lead to disastrous consequences. We help you focus on these key areas of -


  Regulatory Compliance
  Audit Compliance*
  Process Compliance*
  
  • Company Law, SEBI, FEMA
  • Labour Law
  • Intellectual Property Rights (IPR)
  • Taxation Laws
  
  • Statutory audit
  • Internal audit
  • Due Diligence
  
  • External process
  • Internal process

*customisation offered on some compliances.


eComply is an advanced cloud computing platform based application and service. It is hosted on a Enterprise Cloud Server and has secure 128 bit Verisign encryption (similar to that used in credit card transactions). Multiple level access controls, make the site and data thereon safe for the corporate users.


Removing barriers of time and geography, this application on the cloud, permits data to be uploaded, processed and reviewed anytime and from anywhere, by authorised users.


With the 'assisted service' facility, eComply also provides your organisation the option to pull in trained resources from the eComply team, to supplement your in-house efforts and ensure complete, accurate and timely compliance with requirements in these key areas.


Driven by technology and backed by professionals, eComply is a good way to ensure compliance and prevent it from becoming a risk. It helps in good corporate governance.



Why eComply



Knowledge Resource



eComply provides you with a databank of readily available regulatory compliance procedures under key laws. Identify the task at hand, look up the procedure, assign tasks & timelines to the team and follow the procedure for a full and accurate compliance. Complex tasks hence become simple and easy.


Why eComply 1



eComply becomes your valuable in-house resource which can be accessed across the organisation by multiple departments. It does not get tired, does not take leave, is available 24 hours a day and 365 days of the year. Users can access the functionality of eComply from anywhere - a feature which multiplies its utility as also the productivity of your team members considerably.


Why eComply 2


The cumulative knowledge and learning of professionals and your team gets stored and is available to your organisation over the years. This ensures standardisation in compliance across time - something like an ISO in regulatory compliance.


Why eComply 3


Intelligent Compliance Manager


Why eComply 4
Built in intelligence of the Laws Manager, informs you of the various laws applicable to your organisation. The Compliance Calendar informs you of due dates for compliance under these various laws. The Project Manager helps you track your multiple compliances and progress of team members assigned to these tasks.

These features assist your compliance team members in their tasks, ensure complete and timely compliance, create dependability in the organisation and provide concrete assurance.


Assurance

Knowing what is to be done, when it has to be done and how it has to be done correctly in the key to proper and dependable compliance management. eComply provides you this and more. Its built in intelligence provides proactive support to the users and the company. Its multiple features and advantages make it very dependable if used correctly. All of this adds significantly to the assurance levels of the CEO and Board of Directors. Better Corporate Governance is the much desired result of use of eComply.


Cost effective

eComply is extremely cost effective, bringing together the domain knowledge and processing capability of experts and professionals in various fields of law and making them available in a compact easily usable form and process flow across the organisation.

At the salary of one officer in a company, eComply provides capabilities of several trained professionals and brings huge savings. Use it to see its effectiveness.


Clause 49


MCA Voluntary Corporate Governance Guidelines (click here to download)



Today, there is a growing concern among the different stakeholders about corporate governance and how it should evolve to cope with the increasingly dynamic and global nature of our capital markets.


There is a dialogue taking place against a background of legislative and regulatory change (i.e. the revised Clause 49 and the expected changes in the company law arising from the Dr.J J Irani Committee Report).


It is only with dialogue and the active participation of all stakeholders that the appropriate balance can be reached between:

  • Strengthened central controls and fast local responsiveness;

  • Effective risk management and the enduring need for innovation;

  • The costs of compliance with the new governance regulation and the value it brings;


How management teams and Boards of Companies, govern their corporations, plays a central role in the strength and health of our global economy. The corporate scandals of the past few years have had a profound effect on the way companies do business - and on the attitudes of regulators and shareholders. Additional regulatory requirements has been one change from the government side. Enhanced focus on compliance has been the reponse of the corporate world. It is essential that good standards on corporate governance converge in the interests of transparency, better investor confidence and ensuring better corporate behavior. An article emphasising this was published in Global Agenda (www.globalagendamagazine.com), a publication from the World Economic Forum.


eComply offers the tools for identification, assessment and management of risks across the organisation and business. Sustained and proactive enterprise risk management is one of the most effective means of managing compliance, improving internal control and governance. This would result in reducing the potential for stakeholder losses while increasing the potential to maximize shareholder value - a desired corporate goal.


Audit Compliance: Internal audit-


With the significant increase in the scope of audit and other internal controls and risk management along with increased public scrutiny, it has become necessary to have better systems in place to manage and monitor this area. Automated, standardised processes and thee co-system to manage them across the organisation is hence very valuable.


Compliance management is a critical component of the internal control process for any business and a prerequisite for assessing compliance with corporate performance standards. Whether it is compliance with internal corporate procedures, external regulatory requirements or compliance with industry codes of conduct such as ISO 14001, effective internal auditing is the cornerstone of compliance management and continuous improvement. Internal Audit can provide strategic insights that improve business performance.


Executives and audit committee members want to broaden the role of Internal Audit beyond reliable assurance and efficient audits. They want to be able to turn to Internal Audit for:

  • Subject matter expertise
  • Business insights into strategic initiatives
  • Ideas that challenge existing practices and lead to ongoing business performance improvements

In a global survey about the evolving role of Internal Audit, 96% of respondents indicated that their Internal Audit function had an important role to play in their overall risk management efforts. And yet, 74% believe that there was room for improvement, and nearly every respondent seeking improvement believed that they should be undertaken within the next 12 to 24 months. Only 44% of respondents believed that Internal Audit was helping their organization achieve its business objectives and fewer, ie 37%, said that they involve Internal Audit in key business decisions and strategy. (Ref:EY Forbes survey)


Internal Audit's evolving role-Internal Audit:


By looking beyond processes and controls, Internal Audit can play an essential advisory role within the organization- that of a strategic advisor. It can:

  • Identify organisation wide efficiencies
  • Provide insights to improve business performance
  • Provide a sharp focus on risks for better and quicker mitigation
  • For Internal Audit to be effective in its enhanced role, it needs to:
  • Map into the organization's key business objectives
  • Have standardised and effective processes for identification and mitigation of risks
  • Provide effective means of monitoring ongoing processes
  • Provide automated alerts and escalation frameworks
  • Provide access to relevant domain knowledge and resources
  • Leverage technology in a meaningful manner

We believe that eComply will provide you with these tools to effectively execute the internal audit function across your organisation in a standardised manner, while leveraging technology effectively.


Benefits of eComply:


1. Provides a large domain knowledge repository for compliance issues.

2. Well documented processes and related sections, forms, etc easily available at your fingertips.

3. Ready to use repository of disclosures, accounting policies, etc for easy access and use.

4. User and data security through Verisign encryption, Enterprise cloud hosting, multi level access controls, etc for excellent security management.

5. Cloud computing platform for anytime, anywhere, access.

6. Granular access and pay-per-use facility, permits you to access more and more features and functions as your requirements increase. No large capex or lock-in.

7. Trained resources provide assisted services (outsourced compliance) to supplement your in-house efforts.

8. Dashboard views and monitoring facility.

9. Eco friendly initiative reduces the demands on the environment and use of paper.


For further enquiries mail to customercare@egovern.in




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