Digital in Accounting and Reporting

• DigiFAAS

DigiFAAS is a comprehensive financial reporting, analytics, governance, risk and compliance, and process optimization solution. It is enabled with Artificial Intelligence (AI) technology to help the chief financial officers (CFOs) and the C-suite convert data, residing in their ERPs and other finance systems, into meaningful information and actionable insights.

The solution includes modules such as Comprehensive Financial Reporting (CFR) preparing annual report, consolidated and standalone financial statements, process manuals and standard operating procedures (SOPs), process tests, management information system (MIS), forecasts and projections, factsheets, key performance indicators (KPIs) and other value adds.

DigiFAAS CFR automates and simplifies the process of preparing financial statements and annual reports through intuitive workflows and well-defined templates. The solution utilizes standard chart of accounts, structured mapping as well as notes and inbuilt disclosures to drive standardization, speed and quality. This enables consistent and repetitive preparation of standalone and consolidated financial statements and other reports over multiple versions and reporting periods.

• EY LAN (Lease Accounting Navigator)

EY LAN (Lease Accounting Navigator) is a web-based tool that supports lessees navigate the lease accounting change journey. LAN provides a guided evaluation of the new lease standards for both International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP) in order to evaluate the implications of financial statement at transition and beyond. It ensures completeness of analysis and quantification under the new standard.

EY LAN provides a specific technical guidance without having to search for the relevant literature. It has a robust workflow and skip logic and supports lease modification accounting. The tool offers detailed dashboards that help in real-time monitoring of project status, and has reporting capabilities covering balance sheet, profit and loss statements and disclosures. The tool can be hosted on client premises or on the EY Cloud - EY Microsoft Azure Hosting (preferred option).

• EY Policy Sphere/Governance Wiki

Policies and procedure (P&P) documents, and their overarching governance, invite challenge for public and private companies. Both Indian as well as global organizations face difficulties to assess, revise, deploy and govern these critical corporate governance documents. Technology can improve their effectiveness and efficiency and can create value. EY Policy Sphere is a web-based SharePoint tool that can serve as a multi-dimensional central repository for policies, procedures, desk instructions, training, governance and approval workflows, and other related documents.