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Service Challenge

Service Challenge

Rhapsody Accounting and Advisory services Private Limited – IFRS KPO

Rhapsody Accounting and Advisory Services Private Limited (RAAS or Rhapsody) was formed primarily to cater to first the Indian and eventually to the International audience seeking International Financial reporting Standard (IFRS) related end to end solutions/services.

The Company was formed in the summer of 2009, though some would say pre-maturely, since the only document in India on the IFRS was a concept paper released by the Institute of Chartered Accountants of India (ICAI) in October 2007.

The founders of the Company were very clear that they did not want to start a Chartered Accountancy Practice firm but a knowledge based outsourcing entity initially dealing with IFRS/Accounting related advisory and training services and eventually moving into logical progressions like valuations, Corporate finance etc .

The Company was started with the basic initial objective of :

Being amongst the top IFRS accounting /conversion and accounting process outsourcing company based in India catering to clients all across the world.

Rhapsody AAS had embarked upon a journey in the belief that by combining our entrepreneurial mindset, experience of founder and team, technical ability, client and people management skills; a world class accounting process outsourcing entity can be created which will assure value added, quality accounting services in these challenging times all across the globe.

Our belief was that we could deliver top class service to the Indian clients since we believe we understand the Indian mindset and expectations well. Our premise was to deliver top quality service at reasonably competitive pricing and we were confident that the team would deliver it. This confidence stemmed from the fact that the initial team members who got together have had tremendous success as professionals in managing client expectations and delivering technically sound output in organizations like KPMG, Deloittes, and EY etc.

Our belief also stems from the fact that, most of these services can be delivered in simple/uncomplicated and efficient manner considering client needs, the context, getting into the core of the issues and industry benchmarking rather than certain firm standards developed at a different point in time and context and not necessarily relevant in the Indian conditions.

Rhapsody currently delivers professional services in the following broad areas:

• IFRS Practice/GAAP accounting
• IFRS Education and training
• IFRS Corporate and Business Advisory

Rhapsody is one of the few knowledge Process outsourcing (KPO) firms entirely focussing on IFRS and related services. Rhapsody is slowly but steadily building its IFRS technical, client management/servicing and Peoples management capabilities.

 

 

On the Technical front, Rhapsody is involved extensively in:

• Advisory services to regulators and standard setters
• Extensive trainings to the Indian regulators, public sector, private sector, corporate,  professionals and students
• IFRS/Indian Converged standards (IND AS) conversion projects

 

 

The team members at rhapsody are working closely with institutions like the Institute of Chartered Accountants of India (ICAI), Comptroller and Auditor general of India (C&AG), National Institute of Financial Management (NIFM), Indian Institute of internal auditors  (IIA)and American Institute of Certified Public Accountants (AICPA). The team members at Rhapsody are permanent and certified faculty at these institutions.

 

Rhapsody has an in house Research and Development /Technical  (RDT) wing whose primarily responsibility is to develop IFRS training material, research material, research and analysis of emerging subjects, complicated IFRS and other GAAP accounting matters. RDT is responsible for analysing emerging topics and new standards as well as amendments and identifying the core of any change/ development so as to communicate to their clients as well as cater to complex accounting/ technical matters when the need arises. Rhapsody has access to the latest original material in the area of IFRS as well as IND AS.

Technically Rhapsody has intellectual property and expertise in the following areas:

-          Financial Instruments and Banking

-          Telecom

-          Steel

-          Power

-          Cement

-          mining

-          Construction (EPC/Turn key projects)

-          Private Equity

 

On the Client service front, Rhapsody is currently working on or is associated with numerous IFRS conversion projects/IFRS  training programs in India for both public and private sector clients, like Spice Group, NHPC, Bhushan Steel, S Tel, Unitech, Bhushan Power and Steel and Monnet Power, Reebok, adidas, technotree, Siemens information Systems and many more in the pipeline.

 

All our clients have experienced quality, efficient and quick responsive service as we have said due to the fact that we first understand the client needs, the industry in which the client functions and then the core of any matter before giving technically acceptable solutions.

We also perform extensive research and assist large clients in resolving technical IFRS and Indian GAAP related issues with their external auditors who more often than not are the big four firms  like KPMG, EY, Deloittes and PWC.

The founder members of the Company decided very early that we would not want to be like one of the BIG four firms or in other words, same old wine in yet another new bottle but were very clear that we will deliver the kind of service that all of us want when we walk into any good super mart/ mall restaurant etc.

We are very clear that we would want the client to keep coming back to us forever and not even think about anyone else. That by far summarises our driving force and motto.

 

On the training front, Rhapsody has been associated with training more than 500 participants from corporate's, regulators, standard setters, professionals and students.

The Rhapsody training material, training methodology, practical case studies and illustrations has been praised by all those who have attended these training sessions. Rhapsody takes immense pride in its training material and methodology primarily since it is:

 

-          Upto date

-          To the point

-          Practical based

-          Has numerous illustrations and case studies

-          Prepared by the same people who are working on conversion assignments and also conducting training

 

Our team comprises technically sound and experienced members who have core competencies in areas like IFRS, Accounting, IT, ERP (SAP, Microsoft and oracle). At Rhapsody the team members are motivated and believe that they are part of a movement. This ensures that we are always ahead of the crowd.

 

At Rhapsody we believe that we have all that it takes to be amongst the top KPO's in the IFRS space. We know, it will take more than just delivering service to give a better option as compared to a BIG 4 Accounting firms to clients all across.

 

We believe we are light years ahead and in time this will be visible to all.

About us – Rhapsody Services, 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 Training and Education and IFRS Corporate and Business Advisory.

About the Author

About Company - 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.

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