Conference on XBRL on the 18th February 2011 at Mumbai
XBRL CONFERENCE IN INDIA
XBRL THE FUTURE OF FINANCIAL REPORTING
MUMBAI ON FEBRUARY 18, 2011
The quest for a solution in the area of Financial Reporting alongwith the capabilities of XML for electronically reporting financial information gave birth to XBRL (eXtensible Business Reporting Language). In the recent times, XBRL has emerged as a popular and effective alternative for reporting and analysis. Today, when XBRL has already been put to practical use in a number of countries and implementations are growing rapidly around the world, the Asian Region is not left behind. While the history of XBRL development initiated in U.S., the earliest implementation can be traced to the countries in Asian Region.
While many countries were exploring XBRL and benefiting from its use, India has also taken certain initiatives in this regard. Seeing the potential of XBRL to address the need for a standardized electronic reporting of financial information, The Institute of Chartered Accountants of India, has been keeping track of developments in the area of XBRL particularly formation of taxonomies which form the basis for XBRL reporting. In December 2008, spearheaded by the Institute of Chartered Accountants of India (ICAI) and the support of the regulators, the Indian XBRL Jurisdiction, i.e., XBRL India of XBRL International (XII) was also constituted as a formal forum for encouraging the adoption of XBRL in India as the standard for electronic business reporting.
The two leading Stock Exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), the co-sponsors for the conference, have already offered a unified electronic XBRL enabled platform known as corpfiling system enabling the companies listed in either or both of the exchange to electrically file their disclosures and at the same time helping the investors to get real time access. Securities and Exchange Board of India (SEBI), the Indian Securities market Regulator, is also in the process of putting in place a unified electronic filing and dissemination system for all listed companies and market entities in XBRL form to enable dissection of bulky documents for relevant information without any delay. The Ministry of Corporate Affairs, the administrative ministry of Indian corporate world, is also expected to roll out its XBRL implementation plan shortly. The Reserve Bank of India, the regulatory body of Indian Financial markets, has also initiated XBRL filings for its internal reporting from the Banks. Others regulators are also expected to use XBRL for their regulatory purposes etc. shortly.
Considering implementing XBRL as the need of the hour, India, as a member of the Asian Region is proud to host a Conference on XBRL in India XBRL- The Future of Financial Reporting on the 18th of February 2011 at Mumbai. The Conference is being hosted by SEBI, the regulator of Securities Markets in India, and co-sponsored by the XBRL India Jurisdiction, represented by ICAI and the Ministry of Corporate Affairs amongst others, the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The Conference aims to provide a platform for the participants and the organizations to have an insight into the experiences of the regulators of the other countries of the Asian Region while implementing XBRL, of the users/ filers and the status and the roadmap of the XBRL implementation by the regulators in India as such. A few of the leading Information Technology solution providers have also been called upon to share their solutions on XBRL.
The tentative programme schedule for the conference is as below:
|9:3010.00||Introductory remarks (overview of conference)
|10:0011:00||Introduction to concept of XBRL, XBRL international, XBRL India
Established XBRL Asian Jurisdiction
|11:3013:00||Status of XBRL implementation in India and road ahead
Ministry of Corporate Affairs,India
Reserve Bank of India
Securities and Exchange Board of India
A filers experience Accounting and Corporate Regulatory Authority,Singapore
Experience of a bank using XBRL data for credit appraisal etc
Presentation by IT vendors
We look forward to your participation in the Conference. The participation fee and the exact details of the venue shall be hosted shortly.