Abstract:

Government regulations make it mandatory for all companies to publish their financial data on a periodic basis. Again presentation of the financial data have to conform to certain accounting standards and be approved by the certified public accountants. Preparation and presentation of financial data is necessary not only to satisfy the Government regulations but also serves as a valuable document for the Management and share-holders. While many companies do have an automated or semi-automated financial consolidation system, we observe that there are many companies still carrying out such exercise manually.