Extend XBRL format to all companies
Samir Sachdeva | June 23, 2011
The ministry of corporate affairs has finally mandated that a set of companies will file balance sheets, profit and loss account, the director’s and auditor’s report for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL) taxonomy. This language is used for the electronic communication of business and financial data and facilitates preparation, analysis and communication of business information.
Till date the prestigious e-governance project of the ministry of corporate affairs, MCA21 was accepting these reports from the companies in the form of scanned documents. Though the submission of scanned documents reduced the time taken for filing of corporate documents, it could not give any intelligent input to the government. These scanned reports could be viewed online but digging information from these scanned documents appeared tougher than the manual system.
The new system will facilitate analysis/sampling of the data submitted by the companies. As a step forward the government may even compare this data with that available with the other agencies like income tax department, stock exchanges, registrar of companies, financial institutions, banks etc. This will help the government prevent scams such as Satyam as it will be able to check such gaps in advance.
The policy of submission of documents in XBRL format should be extended to all companies so that a large data is made available with the government which can converted it into useful information for checking financial crimes.
This information when made available to all stakeholders including government and the small investors in a ready to analyse format will make the MCA21 really meaningful and help achieve true e-governance.
Hailing from Satara district of Maharashtra, Eknath Sambhaji Shinde had to leave his education midway to financially support his family. He worked as an auto rickshaw driver, a lorry driver and also said to have worked in a brewery before he came in contact with Anand Dighe, Shiv Sena’s Thane unit pr
Former Maharashtra chief minister Davendra Fadnavis stunned all at a press conference Thursday and named Eknath Shinde, the rebel MLA from Shiv Sena, as the next chief minister. Though Fadnavis said he would stay out of the government, a few hours later the BJP leadership announced he would be the deputy c
Minutes after the Supreme Court ordered a floor test on Wednesday night, Uddhav Thackeray in a televised address resigned as the chief minister of Maharashtra and also as a member of legislative council (MLC). He later drove down to Raj Bhavan and tendered his resignation to the governor Bhagat Singh Koshi
The gig economy has arrived in India, as the Covid-19 pandemic has propelled a flexibility of employment. As many as 77 lakh workers were engaged in the gig economy, constituting 2.6% of the non-agricultural workforce or 1.5% of the total workforce in India. The gig workforce is expected to expand to 2.35
From obtaining an electricity connection to a driver`s licence, ration card, or old-age allowance, delivery of government schemes and services is an aspect of governance that impacts citizens at various points throughout their lives. The Haryana state government provides over 600 such schemes and services.
From Dependence to Self-Reliance: Mapping India’s Rise as a Global Superpower By Bimal Jalan Rupa Publications, 184 pages, Rs 695 Bimal Jalan, a former governor of the Reserve Bank of India (RBI), has been one of our finest commentators on econom