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XBRL in India: Issues, Challenges and Way Forward
1.
2021 © NextGen International
Conference & Exhibition BLOCKCHAIN DUBAI 2021 June 16-17, 2021 Kumar Kushal Global CTO, Tiller International Subhash Chandra Garg Former Finance Secretary of India Derick Smith La Tokens Alexandra N Reichert Founder, Star Rising GMBH Vinod Kashyap Director, NextGen, ASSOCHAM International XBRL Conference 2021 Friday, June 18, 2021 XBRL in India: Issues, Challenges and Way Forward Presented by: Vinod Kashyap NextGen Knowledge Solutions Private Ltd.
2.
2021 © NextGen
2 Agenda o Preamble o Issues and Challenges o Way Forward o Q & A
3.
2021 © NextGen
3 Preamble
4.
2021 © NextGen
4 Paradigm Shift Traditional Format XBRL Format Human Readable Machine Readable
5.
2021 © NextGen •
All companies listed in India and their Indian Subsidiaries • All companies having a paid-up capital of Rs. Five Crores and above • All companies having a turnover of Rs. Hundred Crores and above Coverage in Phase – I Key Points Filing of Financial Statements in XBRL format started from FY 2010-11 onwards Certification of XBRL Financial Statements filed at MCA by members of Chartered Accountants / Company Secretaries / Cost Accountants There are about 28,000 companies covered in XBRL filing at MCA XBRL Filing at MCA
6.
2021 © NextGen XBRL
Filing at MCA Cont.… Subhash Chand Garg Former Finance Secretary of India “Shifting of 1.3 Million active Indian companies to digital only accounting, auditing and financial reporting will strengthen governance.”
7.
2021 © NextGen
7 Issues and Challenges
8.
2021 © NextGen MCA
has not been able to use XBRL tagged financial data of companies Data not used for Analytics International Best Practices on XBRL need to be followed International Best Practices Involvement of auditor in XBRL filing at MCA has been described as “Certification”. Certification or Audit Lack of regular training programs or conferences on XBRL Training / conferences Data Quality of XBRL tagged financial data at MCA has not been as desired. Data Quality ISSUES AND CHALLENGES 8
9.
2021 © NextGen
9 XBRL tagged financial data not used by MCA Source : Financial Express
10.
2021 © NextGen
10 Poor Quality of XBRL Filings
11.
2021 © NextGen
11 A Field Study Examining the Indian Ministry of Corporate Affairs’ XBRL Implementation
12.
2021 © NextGen
12 Involvement of Auditor in MCA Filing: “Certification” or “Audit” ? India: Certification European Union: Audit
13.
2021 © NextGen
13 Training / Conferences on XBRL
14.
2021 © NextGen WEBSITE STAKEHOLDERS INVOLVEMENT COMMITTEES DATA
QUALITY • Every XBRL jurisdiction has a dedicated Website which provide necessary information • XBRL India Website address when XBRL was launched in India : http://www.xbrl.org.in/ • Now XBRL India has a Page at XBRL International Website : http://www.in.xbrl.org/ • Accounting Body, Software Vendors, Accounting Firms, etc. • XBRL India has only two members as on date : ICAI & ICSI • Lack of involvement of Software Vendors and Top Accounting Firms • XBRL India has Membership Development Committee , Taxonomy Development Committee and Audit Committee • Performance of these committees • Data Quality Committee - Required • Rules and Guidance, Software Certification, Center for Data Quality required COMPONENTS DESCRIPTION International Best Practices
15.
2021 © NextGen
15 XBRL India Website in 2011-12 http://www.xbrl.org.in/
16.
2021 © NextGen
16 XBRL India Website in 2011-12
17.
2021 © NextGen
17 XBRL India Website now… http://www.xbrl.org.in/
18.
2021 © NextGen
18 Website of XBRL International has a page on XBRL India now http://www.in.xbrl.org/
19.
2021 © NextGen
19 Members – XBRL India
20.
2021 © NextGen
20 Committees of XBRL India
21.
2021 © NextGen
21 Way Forward
22.
2021 © NextGen
22 Way Forward… Regulatory Filings in India “Audit” of XBRL Adoption of iXBRL Data Quality Data Analytics In Line XBRL or iXBRL may be considered for regulatory filings. e.g. iXBRL filings at SEC, US, HMRC and Company House, UK. International Best Practices on Data Quality be adopted by making XBRL data quality rules. e.g. Data Quality Rules and Guidance made by Center for Data Quality and Data Quality Committee at XBRL US Involvement of auditor in MCA filings be considered as “audit”. e.g. CEAOB guidance on involvement of auditor in ESEF filings in European Union. XBRL tagged financial data be used for fraud detection and data analytics purposes at MCA. e.g. Data Analytics at SEC, US
23.
2021 © NextGen
23 In Line XBRL (Human and Machine Readable) Global Legal Entity Identifier Report 2018 iXBRL, or Inline XBRL, is an open standard that enables a single document to provide both human-readable and structured, machine-readable data.
24.
2021 © NextGen SEC
adopted iXBRL reporting requirement in 2018 in a phased manner with three years implementation period. SEC, US HMRC & Company House, UK Over two million companies file iXBRL at HMRC, (Tax Authority) and Company House. JFSA, Japan 9,000 companies and funds are submitting their financial data to Japan Financial Services Agencies (JFSA), Japan. Danish Business Registrar , Denmark Danish Business Registrar has collected over 100,000 iXBRL formatted financial statements for registration and market information. ESMA, EU European Securities Market Authority (ESMA) has announced ESEF filing for all listed companies in Europe. Regulators using iXBRL
25.
2021 © NextGen
25 Udyog Manthan: Webinar on Accounting and Finance Service Industry
26.
2021 © NextGen
26 Recommendations made by Quality Council of India to Ministry • Areas of auditing need attention, and adoption of the following international best practices will help in bringing improvement in audit quality: • Audit Data Standards (ADS) and Audit of XBRL • Lack of standardization of audit data is the biggest obstacle in digital transformation of auditing • International Standards for audit data collection should be adopted in India • Involvement of auditor in XBRL filing at MCA should be treated as “audit”. Recommendations
27.
2021 © NextGen
27 Data Quality Source : XBRL US
28.
2021 © NextGen
28 Data Analytics • XBRL tagged financial data of companies (Structured Data) is computer readable and should be used for data analytics purposes • Useful insights to regulators • Investors and investment analysis
29.
2021 © NextGen “No
matter how complex things are, basically everything is simple.” Questions
30.
2021 © NextGen THANK YOU
31.
2021 © NextGen
31 Vinod Kashyap Email : vinod.Kashyap@nextgenknowledge.com
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