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Saturday, April 28, 2012

XGRL in India

XGRL: XBRL for Reporting in Government

XBRL can help Government agencies bring in the required standardisation and discipline in regular reporting. It can to a large extent can insulate the quality of the information generated by the reporting system from the complexities. It also make the job of consolidation at different project monitoring levels easier due to its structure.

XBRL and the Government Sector in India
XBRL per se is not new to the Government sector in India. The Ministry of Finance and the Ministry of Corporate Affairs (MCA) have been the front runners in usage of XBRL in India. E-filing of income tax returns is in XML which is the language used for XBRL. Filing of returns to RBI by Indian banks is progressively shifting to this mode. The MCA has introduced XBRL for filing of annual financial statements by companies.

This article was published in "The Chartered Accountant" i.e. Monthly magazine of ICAI.
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