The US-based Becker Conviser, a division of Devry Inc which specialises in conversion of accounts to US generally accepted accounting practices (GAAP), hopes to achieve business worth Rs 100 crore this fiscal.
Krishan Sharma, president of Becker Conviser, said: "We have already bagged business Rs 50 crore during last fiscal, and with the increase in the number of companies opting for international presence, demand for GAAP conversion is expected to rise exponentially."
The company will also shortly launch advisory facilities for mergers and acquisitions between Indian and the US companies.
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Sharma said, "With a number of Indian firms looking at foreign mergers and acquisitions, and vice versa, the need for a smooth process to standardise accounting process and other nitty-gritty between the companies from the both the countries will be required."
The Indian arm of Becker Conviser is primarily targeting the companies which hope to get listed on the Nasdaq, starting offices and operations overseas. The company has also taken up a marketing drive to rope in IT companies.
Sharma said, "We provide technical guidance and in some cases deploy our team of professionals to facilitate the conversion.". He said, "Companies such as Hindustan Petroleum, R S Software, and CMS from Kolkata are our clients.".
There are some basic differences between the US GAAP and the Indian Accounting Standards, especially when it comes to the norms on stock options
Sharma said, in most of the cases, conversion to US GAAP will result in declining profit figures in the short-term. However, it will be beneficial from the shareholders point of view by providing a fair accounting of their operations, he added.
The company is also trying to woo a number public sector undertakings. While large corporates will bring them revenues, the company is also trying to do business with smaller software companies too. "Insurance is the another segment where our we have high expertise," Sharma said.