New Delhi: ASSOCHAM today organised a webinar on “International XBRL Conference 2021 – Emerging Trends and Opportunities” to discuss and deliberate on the emerging areas for application of XBRL, educating the users and professionals, promoting its application, and to address the problems and questions of stakeholders.
The panelists agreed on the fact that XBRL is relaible global framework for exchange of business information that allows the expression of semantic meaning commonly required in business reporting. It also helps improve the accountability and transparency of business performance and is very cost effective for all the stakeholders.
Experts said that information technology is evolving at a rapid pace brining in paradigm shift in how business operate, and XBRL has continued to extend overall efficiency in corporate filing and also ease of access to right information that is filed by the corporate houses and other stakeholders from time to time. Because it makes financial reporting so easy that regulators clearly understand as to how companies are behaving.
Highlighting the advantages of XBRL, Smt. Geeta Singh Rathore, Deputy Director General, Ministry of Corporate Affairs, Govt. of India says, “XBRL has emerged as standard way of storing and trasmitting business information globally. It ensures accuracy, reliability, timeliness and decision usefullness to various stakeholders. It has proved to be a significant opportunity for various users of information and database”.
“The Implementation of XBRL by the Ministry has been a major step in the integration of business reporting with global Standards of data analysis. Ministry mandated certain classes of companies to file their financial Statements from 2011 onwards by using XBRL taxonomy. The usage of data technological platform in MCA has improved the overall efficiency of the Corporate Sector. XBRL has made reporting of financial statements easier and more accurate. It has helped in achieving reduced costs and greater efficiency for the stakeholders as well as regulators. XBRL framework has supported systematic management of data. It has also provided faster access to the data. Effective comparability of data has been major value addition through the implementation. It has ensured data consistency and integrity.”, she further added.
Mr Neeraj Kulshrestha, Chief Regulatory Officer, BSE Ltd. thanking Assocham for organising the International XBRL Conference 2021 says, “Information is value. Stock Exchanges have a responsibility to remove the infomation assymmetry from the markets. XBRL is an important tool in this direction to ensure that all investors get timely information on corporate information”.
Dr. Ashok Haldia, Chairman ASSOCHAM Task Force on Accounting Standards & Former Secretary – ICAI said that India needs a National Data Reporting Standard and that the emphasis is to be given to address the problems faced by corporates in filing of reports and users in analysis of data. The government authorities and the regulators should assess as to why XBRL has not been used by them so far to its full potential for data analytics, for example for fraud detection.
CA Vinod Kashyap, Director, Nexgen said that India should adopt international best practices on XBRL and take necessary steps for bringing much needed improvement in quality of XBRL tagged data filed at MCA.
The other prominent panelists including CA Atul Kumar Gupta, Past President-ICAI and Member, Board of XBRL International, CA (Dr.) Ashok Haldia, Chairman ASSOCHAM Task Force on Accounting Standards & Former Secretary – ICAI, Shri S C Aggarwal, Chairman and Managing Director, SMC Global Securities Ltd., Mr Vijay Sachdeva, Co-Chairman, ASSOCHAM National Council for Corporate Affairs, Company Law and Corporate Governance & Deputy National Leader (North), Risk and Advisory Services, Haribhakti & Co. LLP and many more from government department, corporate world and industries.