New financial reporting format to enable data sharing among

AUDIT


21/05/2011

New financial reporting format to enable data sharing among company watchdogs
The government hopes to improve surveillance of companies through the introduction of a new financial reporting format that will make data accessible to all regulators. The new reporting tool, mandatory for large companies from July, will help the government prevent financial frauds like the Satyam scam, as filings made by a company before its primary regulator will be available to other regulators electronically as and when required. This will also reduce compliance burden for corporates, as they will no longer have to file data separately to multiple agencies.

Source : https://economictimes.indiatimes.com/news/economy/policy/new-financial-reporting-format-to-enable-data-sharing-among-company-watchdogs/articleshow/8474398.cms