Noida, UP -- (SBWIRE) -- 10/17/2011 -- MCA had notified on 5th October 2011 new MCA 21 e- Forms 23 AC - XBRL and 23 ACA XBRL. The XBRL filing commenced effective 6th October 2011.

Rhapsody XBRL is pleased to announce the successful filing of our first instance document using revised e-Forms 23 AC XBRL and 23 ACA XBRL on MCA - 21 using our own Rhapsody XBRL online Application tool on 11th October 2011. We were among the first five filers of validated and pre scrutinised instance document on MCA portal successfully.

The entire process was made easy by some of the unique and user friendly features of the Rhapsody XBRL application.

Some of the features are as follows:

Technology:

- Online Application

- Access anywhere anytime

- Multiple user under single license/filing

Product Features

- Auto totalling

- User-friendly, tag, until, edit features

- User-friendly option for clubbing items with audit trail

- Foot note feature for every element with audit trail

- Intuitive and user-friendly search option

- Auto data saving

- Easy to use block tagging for items

- Intuitive and user- friendly tuple related features

- Project Management dash board for multiple filings

- Detailed User Manual

Inbuilt Validation

- For all business rules and generic business rules

- For all calculations

- Errors throw up at the tagging stage in a user friendly and easily understandable format

- Detailed validation tools available for every sheet while tagging

- No need to wait and do validations only at end of tagging process

Reports

- Detailed review reports to assist review and certification by professionals

- Business rule

- Calculation

- Only errors

- Instance document conveniently downloadable on PDF format

- International best practice Data security features available.

Rhapsody Services provide IFRS and XBRL Solutions and Training for accounting standards in India. Our Professional Services Team assists you in IFRS and XBRL Accounting Processing Outsourcing, Education / training and Corporate/ Business Advisory.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Rhapsody Accounting and Advisory Services launches i-file.in, the end to end XBRL software application as well as XBRL tagging services online tool on 12 August 2011.

Noida, UP -- (SBWIRE) -- 08/15/2011 -- i-file.in license is available for sale from 12 August 2011 as we have effectively been able to generate instance document which is passing the Beta version of Ministry of Corporate Affairs (MCA) Validation tool released by MCA on 29 July 2011. Our product is listed on the MCA website under the vendors list.

i-file.in is specially designed to take care of the XBRL filing requirements for :
* A Corporate or a large enterprise
* Practicing Chartered Accountant (CA) or Company Secretary (CS)
* A BPO/ KPO or an outsourcing Accounting firm.

The basic features of the XBRL software tool are:
* It's an online tool using cloud computing technology- so no need to go through the tedious process of installation through the CD etc
* It is an anytime anywhere tool – so one can access it from anywhere meaning, if you are someone who is providing XBRL managed services for clients, then you can access it not only from your own office but also at the client location. If you are a Company, then you may access it at remote location and need not necessarily be in your own office.
* It is a multiuser under single license software – so one can access or log in from any number of laptops or desk tops using the various logins which shall be provided.
* Multiple filings – We have various packages but for larger organisations or firms etc, we have multiple filings which can be done. Thus no restriction in the number of filings
* Inbuilt MCA validations – The application has inbuilt validations and thus the user need not worry about what might get missed etc
* User friendly – Extremely user friendly human readable interfaces
* Tagging – Can be done directly from final audited excel and word source documents
* Review reports – The tool has various review reports which will facilitate review of the entire tagging process before generation of instance document
* Audit module – Facilitating the certification of XBRL process.
* Project management – The application has inbuilt project management dashboards for the Project managers to effectively monitor multiple filing scenarios
* Role based logins – i-file.in provides role based logins to ensure effective control and data integrity.
* User manual – The application comes with a very effective and extensive Technical and functional user manual.
* Helpline – we provide 24/ 7 helpline anywhere and anytime.

As you are aware the output of the entire conversion to XBRL entails generation of Instance document in XML format (machine readable). The output from any Software needs to get validated by the MCA validation tool. The MCA validation tool is based on:
* Taxonomy specified by MCA (available on MCA website)
* MCA 21 Business rules (More than 700 in number including all dependencies etc)
* Technical specifications of XBRL international and MCA

There are many good applications and tools in the market. Every potential user needs to check the ease of filing, the type and nature of validations and quality of review reports as well of the instance document before deciding on the application. One needs to consider the following essential core aspects:
* Whether the XBRL Application is just a platform to perform tagging to MCA taxonomy and generate instance document or does it ease the process of tagging and is likely to generate a more accurate output. If the tagging process is not done accurately, which is likely to be the case considering that this is the first year the user of the application will get to know only when the MCA Validation tool throws up errors and then the user will have to go through the entire process of untagging, retagging etc. A good application will have inbuilt business rules, appropriate review report etc so that the XML instance document is accurate and passes the MCA validation tool with least effort
* It is not sufficient to do just mandatory elements and minimum tagging. There are detailed calculations and business rules prescribed. One should also keep in mind the fact that this is the only filing being done with MCA and in accurate filing along with in accurate certification is inviting trouble/ notices etc from ROC
* MCA 21 XBRL filing is very different from a normal Income tax filing. It is therefore essential to not look at MCA filing with a tax filing mindset.

We are of the firm belief that XBRL filing is a simple and easily understandable procedure, successfully being performed the world-over. Let us all understand the concepts and requirements of MCA filing as well as appreciate the essential features of a good and effective software or consultant so that the MCA filing on XBRL is just another routine filing and not a very complicated and earth shattering concept as some people are making it out to be.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Rhapsody Accounting and Advisory Services Private Limited ("Rhapsody" ) Announces the launch of 2nd Batch of the IFRS-XBRL Certificate Programme in Delhi during July 2011.

Noida, UP -- (SBWIRE) -- 06/20/2011 -- Rhapsody, incorporated in 2009 is an accounting KPO (Knowledge Process Outsourcing) largely focusing on IFRSpractice and other areas.  The broad level services currently offered are IFRS Practice/GAAP accounting, IFRS training and education and IFRS Corporate and Business Advisory.
 
Rhapsody, incorporated in 2009 is an accounting KPO (Knowledge Process Outsourcing) largely focusing on IFRS practice and other areas. The broad level services currently offered are IFRS Practice/GAAP accounting, IFRS Education and training and IFRS Corporate and Business Advisory.

EU, Australia, South Africa etc adopted IFRS in 2005. Canada, South Korea and Mexico are amongst the countries that have shifted to IFRS by 2011/12. That will leave only India and US amongst the key G-20 nations not having fructified legally adoption of any form of IFRS as of today. IASB and FASB (US) are working hard to converge the two sets of GAAP to pave way for adoption of IFRS in US. Common accounting/ reporting standards on the agenda of meetings of G20 Finance ministers. Idea being one set of common standards globally

India which was supposed to converge to IFRS from 1 April 2011 is likely to now converge from 1 April 2012. Considering the global movement, IFRS is a definite reality in India and eventually in the US. So, if you are a financial and accounting professional in India or a student studying to become a financial professional then it is important for you to be ready with the requisite IFRS knowledge to lead the IFRS convergence of your company in effective and efficient manner or to audit IFRS based set of financial statements. So it is very important for all the finance and accounting professionals to look at potential effects of IFRS conversion and also understand the depth and breadth of IFRS related issues being encountered.

This course is well suited for the varied IFRS related requirements of the Finance fraternity as a whole.

The objective of this course is to make the finance professionals:
1. Understand the background/Genesis of IFRS and developments till date globally
2. Understand most recent regulatory and other developments on IFRS/Converged Standards (IND AS) in India.
3. Understand the mindset of Accounting and core principles under IFRS.
4. Understand key concepts under each IFRS/IFRIC.
5. Practically apply IFRS/converged standards(Ind AS) in converting Indian GAAP financial statement into IFRS/Ind AS with the help of case studies and role play's.
6. Prepare full-fledged IFRS/Ind AS based financial statements.
7. Successfully attempt Diploma in IFRS exams conducted by globally recognized organizations like ACCA (Association of Chartered Certified Accountants), UK.
8. Understand concept of XBRL and how it works

The lead trainer at Rhapsody Mr. Ravindra Vadali is a member of the Institute of Chartered Accountants of India (ICAI) with over 14 years experience working at organisations like KPMG, Deloitte's, Olam International Singapore and Spice. He is a member of Member of Study group of Accounting Standard Board – ICAI and faculty at ICAI for Advanced IFRS Certification course. He has also been a Faculty at CAG India for IFRS trainings and was rated as the best IFRS trainer there. He has been involved in more than thirty IFRS conversions and trained more than 900 professionals till date. He has been working on various IFRS related projects with American Institute of Certified Public Accountants and he is a Consultant to ICAI-Accounting Research Foundation for IFRS assignments. He is also empanelled with PHD chambers of Commerce as advisor as well as a speaker on IFRS matters. He was a core member of the IFRS conversion group and the private equity group while at KPMG. As an accredited all India IFRS trainer while at KPMG for over 4 years he imparting training to all levels of staff up to partners.

Details of IFRS-XBRL Course – Delhi

Speaker: Ravindra Vadali, Kangan Khanna
Date: 3, 10,24,31 July 2011 and 7 August 2011 (5 Sundays Only)
Venue: A-109, Shivalik, 1st Floor, Sector -35,Noida-201301. (Behind Sumitra Hospital - Near Noida City Centre Metro Station)
Timings: 10.00 am to 6.00 pm
Registration: Limited seats - "Registration on first come first come basis"
Contact: For Registrations please contact: Mohit Keshwani, (m): +91 – 9654337076, (+91-9810739913), +91-9810506995 (o) : +91- 0120-4235138
Course Duration - 40 hours of live classroom training with tests. 40% of the focus shall be on concepts and 60% on practical illustrations so as to understand the nuances of IFRS concepts in detail.
Course fee - Rs. 8,100 + taxes. (50% of the course fee shall be refunded if after joining the course and attending two days of training, trainee is not satisfied with the quality of the course. Fee is inclusive of venue, study material and lunch/snacks during class.)

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Ravindra Vadali from Rhapsody Accounting and Advisory Services Private Limited "Rhapsody" was rated as the 'Best IFRS Trainer' among the 9-10 trainers who provided IFRS training to the participants from C&AG India twice in a row.

Noida, UP -- (SBWIRE) -- 02/18/2011 -- Ravindra Vadali, the lead IFRS trainer at Rhapsody, received the highest ratings as an IFRS trainer at the trainings conducted for the participants from the Office of C&AG (Comptroller and Auditor General of India) in May 2010 - out of 9 trainers and again in December 2010 - out of 10 trainers. It is a great milestone achieved by Rhapsody in the field of training for IFRS in India. Office of C&AG is the highest authority for audit in India and receiving the best IFRS trainer rating from its officers is a remarkable performance in itself. The participants comprised various levels within C&AG

Director General at the office of CAG, wrote in the appreciation letter dated 24 December 2010 (with respect to the December 2010 Training), "It gives me great pleasure to convey my immense and heartfelt thanks for the IFRS lectures delivered by you (Ravindra Vadali) at International Centre for the Information Systems and Audit (ICISA) during our training programme on International Financial Reporting Standards (IFRS). Your training sessions covering IAS 27, 28 and 31 were well appreciated by all the participants. In the field on public auditing, need for such training can hardly be overemphasized. We would like to benefit from your expertise in this regards in our future courses as well. We look forward to more such interactions."

For the May session (feedback which has been posted on the ICISA website) Out of the 9 trainers, Ravindra Vadali from Rhapsody received the highest ratings as an IFRS Trainer from the training participants. The following were the ratings received by Ravindra Vadali in all the IFRS training performance areas:

• Pace of IFRS training presentation - 8.53 out of 10 (faculty average was 7.75)
• Clarity of IFRS concepts and technical terms - 9 out of 10, (faculty average was 8.15)
• Structuring & presentation of information - 8.93 (faculty average was 7.92)
• Atmosphere of session - 8.87 (faculty average was 8.12)
• Overall performance - 8.98 (faculty average was 8.11)

(All the above ratings have been officially announced by the Office of CAG). The feedback for the December 2010 session is yet to be posted on the website.

Ravindra Vadali, the lead trainer at Rhapsody is also a permanent faculty at Institute of Chartered Accountants of India for Advanced IFRS Certification course. Ravindra Vadali of Rhapsody is also permanent Faculty for IFRS at the National Institute of Financial Management and is associated with Institute of Internal auditors. Ravindra Vadali has conducted numerous IFRS trainings and has trained more than 700 professionals, corporate and students till date. He has received excellent reviews and feedback from all these sessions. Ravindra Vadali who specialises in IFRS/GAAP/accounting has developed a scientific, practical and objective IFRS training course/modules based on last 7 years working experience in the field of IFRS, which has appealed to the participants during the IFRS training sessions.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm