Digital India to improve compliance reporting in India
eGovernance has always been the dream for India, especially now with Prime Minister Narendra Modis visionary programme ˜Digital India. It aims to transform India into a digitally empowered society and knowledge economy. Digital Indias slogan is ˜Power To Empower, promising hassle-free connectivity to government services via online and mobile platforms through improved digital infrastructure and empowerment by providing universal digital literacy.
Unlike social services programmes such as healthcare, education and infrastructure, Digital India is revolutionary in promoting transparency, digitalization and equal opportunities. The approach and methodology for executing this vision require support from regulators such as RBI, SEBI, MCA, IRDA and the Income Tax department. In a recent visit to India to address the XBRL Asia Roundtable and the India XBRL National Conference, John Turner, XBRL International CEO, spoke to leading national newspaper the Business Standard on what XBRL means to India:
˜XBRL is the global standard for exchanging financial, compliance and risk data between organizations. The framework is in use in 60 countries, millions of companies, and by 100 regulators for defining, collecting and validating reporting information in digital format. So, we are moving people from paper to digital. In India, the use of XBRL is well advanced at the Reserve Banks of India (RBI), but it is still relatively early days for the other parts of the economy. The opportunity for India is to ease the way you do business by making it easier to understand corporate performance, and the risks and opportunities associated with specific companies that you might be dealing with. This goes very much to the Indian governments digital agenda, and it is what XBRL is for: enhancing business performance by improving transparency and accountability through the use of digital data exchange. Read full interview here
Narendra Modis Digital India initiative is looking to transform India into a ˜digitally empowered society by putting an emphasis on e-governance and connectivity for citizens to make government services readily available through online and mobile platforms. Its an important programme that could bring significant change to the country. While much of the programme focuses on social services such as healthcare, work being done by the Reserve Bank of India and other agencies aligns with Digital India. It is noteworthy that the Ministry of Corporate Affairs (MCA) in India has implemented XBRL as standard for collecting financial statements from companies that are part of its phase 1 implementation. They are yet to mandate this as standard for all companies.
About DataTracks: DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. With a track record of over 10 years, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Eurofiling compliance reports in Europe, Revenue in Ireland, MCA in India and ACRA in Singapore. DataTracks provides world-class services with its team of certified accountants experienced in US GAAP, UK GAAP, India GAAP and IFRS.
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