Effective corporate governance is a key element in enhancing investor confidence, promoting competitiveness and ensuring ready access to the capital markets. While regulations determining the way in which companies are managed and governed have existed for decades, the pace of legislative and regulatory change has accelerated, creating a maze of local, national and international law and regulation. A key part of corporate governance is assigning roles and responsibilities between company owners, board of directors, management and other stakeholders. Indian Companies are looking at improving their corporate governance practices not just to achieve compliance but to help them improve their businesses and position them for competitive advantage.
Our professionals have the experience of working with large cap, small to mid-cap companies and private equity investors in improving corporate governance practices and structures. We also have the experience of working with corporate boards to undertake meaningful self assessments and improve their oversight processes.
International Financial Reporting Standards (IFRS) became mandatory in the European Union for the year ended December 31, 2005. Today, almost 100 countries have adopted or are in the process of adopting IFRS as their accounting standards, including Australia, South Africa, China, USA and Canada. After years of discussions and debates, it is clear that International Financial Reporting Standards are becoming the accounting standard for the world.
In India, the Ministry of Corporate Affairs (MCA) has issued a phased roadmap for convergence with IFRS; and the Institute of Chartered Accountants of India (ICAI) has issued 35 converged accounting standards which have been notified by the MCA.
Though India has not adopted the IFRS in full, it has converged its ASs to get those in line with the IFRS with certain carve-outs to better reflect the Indian economic and business environment. In pursuance of G20 commitment, the process of convergence of Indian As with IFRS has been carried out by the Ministry of Corporate Affairs (MCA) through wide ranging consultative exercise with all the stakeholders.
As business operations become more complex and interconnected, the risk of service interruption extends to every aspect of your organization's activities. Aligning critical business and IT priorities into a common strategy can ensure business continuity and the ongoing performance of your business.
In today's globalized environment, companies run a lot of financial risk other than their core operational business risk. We advise clients on how to manage the various financial consequences arising out of interest rate, commodity and currency risks through innovative and customized solutions.