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Volume 1, Issue 3 (March, 2014)

Online ISSN-2347-7571

Published by: Sai Om Publications

Sai Om Journal of Commerce & Management


A Peer Reviewed International Journal

E-GOVERNANCE AND FINANCIAL REPORTING THROUGH


XBRL
Saurabhi Borthakur1
Assistant Professor, Gauhati University,
Guwahati, India
Email : saurabhi.borthakur@gmail.com
Purnashree Das2
Assistant Professor, Gauhati University,
Guwahati, India
Email : daspurnashree@yahoo.com
ABSTRACT
In order to keep pace with the international best practices, the Indian Parliament enacted Information
Technology Act, 2000 paving the way for introduction of IT services as a statutorily recognised
business language. Under this machine-driven environment, the Act seeks to ensure cyber security and
compliance with tax laws for cyber transactions. This was followed by the adoption of statutorily
recognised electronic documents and digital signature replacing the erstwhile physical signature of an
individual or a business entity. The country went one step further by launching the Ministry of
Corporate Affairs for the 21st century (MCA-21) project implementing e-governance, and finally
switching over to extensible Business Reporting Language (XBRL). In this backdrop, the present
researchers have attempted to examine the genesis of e-governance in our country and the benefits
derived therefrom. The present study also attempts to examine XBRL as a reporting language for
corporate entities and to analyse the use of XBRL and its implications on the chartered secretaries and
chartered accountants in our country.

Keywords: Cyber Security; Digital Signature; Reporting Language; Centralized Database; Instance
Document
INTRODUCTION
An institution which rejects change is an example of decay; the only institution which does not change
is the cemetery. Change and dynamism is also inevitable for a business entity. An artificial juridical
personality cannot have its own physical language. As such, they opt for a technical language in the
shape of financial information in figurative form. This rests upon quantitative measurement of
exchange of resources and recording it as a transaction. This continued from period Before Christ (BC)
till the 20th century, when the whole world was revolutionized by the emergence of Computer and
Information Technology (CIT). Originally, the ambit of CIT and computer generated information was
confined to US Army for their defense communication purposes. However, subsequently it was made
open for public use. With the advent of CIT, nations across the globe initiated the integration of all the
processes with Information Technology (IT). This raised issues relating to legal reforms, business
process reengineering, change management and infrastructure creation. Accordingly, as a pioneering
effort, the United Nations General Assembly by a resolution dated 30th January, 1997 adopted the
Model Law on Electronic Commerce which is referred to as the UNCITRAL Model Law on ECommerce.
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In order to keep pace with the international best practices, the Indian Parliament also enacted
Information Technology Act, 2000 paving the way for introduction of IT services as a statutorily
recognised business language. Under this machine-driven environment, the Act seeks to ensure cyber
security and compliance with tax laws for cyber transactions. This was followed by the adoption of
statutorily recognised electronic documents and digital signature replacing the erstwhile physical
signature of an individual or a business entity. The country went one step further by launching the
Ministry of Corporate Affairs for the 21st century (MCA-21) project implementing e-governance
based on experiences drawn from Australia, Canada, New Zealand, the United Kingdom and
Singapore, and finally switching over to eXtensible Business Reporting Language (XBRL). The
MCA-21 project seeks to fulfill the requirements of the various stakeholders including the corporate
professionals, public, financial institutions and banks, government and the MCA employees. In this
backdrop, the present researchers have attempted to examine the various facets of XBRL in financial
reporting.
OBJECTIVES
The present study has been undertaken with the following objectives:
1. To examine the genesis of e-governance in our country and the benefits derived therefrom by
the public as well as the private sector entities;
2. To examine XBRL as a reporting language for corporate entities;
3. To analyse the use of XBRL and its implications on the chartered secretaries and chartered
accountants.
RESEARCH METHODOLOGY
The present study is theoretical in nature and is based on extensive research for which secondary
source of information has been gathered. The sources include books, journals and online publications.
In consonance with Objective No. 1, we shall now lay down the genesis of e-governance in our
country and the benefits derived therefrom.
E-Governance
During the British period, the generation, processing and dissemination of all corporate information
was undertaken in physical form. Physical format of information dissemination was not beyond
suspicion and alteration. This practice continued with instances of suppression of minority interest and
mismanagement of resources kept under the disposal of corporate entities. In order to prevent
mismanagement of financial resources by the corporate management, it has been felt necessary to
replace the paperwork. This was further facilitated by the emergence of computer and information
technology. It is believed that information disclosure, sharing of information in a quicker manner
under a secured cover, would prevent mismanagement of affairs and resources of the entities. Hence, a
need was felt to prevent alteration of financial information at various levels. E-governance was made
possible through different technological development in engineering discipline and was gradually
implanted in the business discipline. It is a case of assimilation of engineering technology into
business information area and a new blending of cyber language and financial information. This
ensures better corporate governance through the medium of electronic transmission of information to
the concerned user groups.
Electronic Governance (or e-governance) essentially refers to the utilization of Information
Technology (IT), Information and Communication Technologies (ICTs), and other web-based
telecommunication technologies to improve and/or enhance the efficiency and effectiveness of service
delivery in the public sector.(Jeong, 2007) In other words, it implies the employment of internet and
the world-wide-web for delivering government information and services to the citizens.( United
Nations, 2006; AOEMA, 2005) It is the system of using technologies to facilitate the operation of
government and the dispersing government information and services. The ultimate goal of eVOL. 1, ISSUE 3 (March 2014)

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governance is to be able to offer an increased portfolio of public services to citizens in an efficient and
cost effective manner. E-governance seeks to make government functioning Simple, Moral,
Accountable, Responsive and Transparent (SMART). Some of the benefits percolating from egovernance in the public sector have been enumerated as under:

E-governance allows for government transparency making government information easily


accessible. Government transparency is important because it allows the public to be informed
about what the government is working on as well as the policies they are trying to implement.
It ensures better government accountability and improves the effectiveness of the government
in terms of service delivery and simplifying the way government functions and governs.

Simple tasks may be easier for public sector agencies and citizens to perform through
electronic government access. Many changes, such as marital status or address changes can be
a long process and take a lot of paper work for citizens. E-governance allows these tasks to be
performed efficiently with more convenience to individuals.

E-governance is an easy way for the public to be more involved in political campaigns. It
increases voter awareness, leading to an increase in citizen participation in elections.

Globally, countries like the UK, US, Canada, Australia, Singapore, Hong Kong have taken proactive
measures to bring the benefits of IT to the masses. They have framed policies and procedures to
achieve e-governance. In the UK, it was sought to make 100 percent of the government services
carried out electronically by 2005. In Australia, all appropriate federal government services are
delivered electronically since 2001. In Canada, all key government services have become fully online
since 2004. In China, 80 percent of the administrative services of the municipal government agencies
are being delivered via the Internet since 2005.
In India, the e-Governance initiatives are broadly managed under the umbrella of the National eGovernance plan (NeGP). MCA 21 is envisioned to provide anytime and anywhere services to
businesses. It is a pioneering program in the field of e-governance in the country. It is a Service
Oriented Approach in the design and delivery of government services to establish a healthy business
ecosystem and make the country globally competitive. It has ushered in global best practices that are
based on experiences drawn from Australia, Canada, New Zealand, the United Kingdom and
Singapore. The MCA 21 project was implemented as part of the MCA's vision: "To be a leader and
partner in initiatives for Corporate Reforms, Good Governance and Enlightened Regulation, with a
view to promote and facilitate effective corporate functioning and investor protection."
E-governance is a highly complex process requiring provision of hardware, software, networking and
reengineering of the procedures for better delivery of services. It includes broad range of services for
almost all segments of the society. The most common areas of e-governance application are ecommerce, business regulation, taxation and revenue, law enforcement, education, health and
transport. The business community benefits because e-governance can become a catalyst and a channel
for e-business, as it has been observed in developed countries like the US, UK, Canada, Australia and
Singapore. Hereunder, we highlight the benefits of e-governance to various business entities:

E-governance has a corporate centric approach. It enables online incorporation of companies,


easy filing of forms, returns and documents, verification of charges, etc. It makes the different
processes paperless and hassle-free for the business entities. Further, a web-based system
enables payment of taxes online and reduces corruption.

E-governance empowers users through access and use of information. It necessitates the online
facilitation of documents and corporate information which reduces the possibility of
subsequent alteration of figures and information. This promotes investor protection as the
investors are not exposed to disingenuous information.

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E-governance paves way for a convenient and cost-effective system for businesses. It helps in
building up of a centralized database repository of corporate information and the various
interested parties benefits by getting easy access to the most current information without
having to spend time, energy and money.

Inspection of public documents of companies by the various external statutory authorities like
tax officials, auditors, etc. is made possible through e-governance. This, in turn, aids in better
and timely tax disbursement, better administration and compliance of statutory
pronouncements. Further, it reduces redundancy and duplication in government work.

E-governance facilitates total transparency thereby promoting enhanced service level, delivery
mechanism and customer-relationship management.

Decision making is expedited, and the interface between government and business as well as
government and citizens is enhanced. The citizens are benefitted as transparency, efficiency
and integrity is promoted.

E-governance also promotes timely redressal and settlement of grievances of investors,


fostering better investor protection.

E-governance is, thus, of vital importance to the national economy as it facilitates better governance of
both the government as well as the business sector, thereby aiding various interested parties and
investors in their decision-making process and the statutory authorities in their regulating and
administrating process. Hence, an attempt has been made in this article to bring into focus the
mechanism of achieving good governance of corporate entities, its financial resources and its business
objectives through the application of information technology driven language called XBRL.
XBRL as a Financial Reporting Language
The beginning of XBRL can be traced to the initial efforts of Charles Hoffman, a Certified Public
Accountant, from Tacoma, Washington. The American Institute of Certified Public Accountants
(AICPA) was also instrumental in the formulation of XBRL International Inc (XII), which is a
consortium of regulators, financial standards bodies and technology providers.
XBRL is an open, royalty-free software specification developed through a process of collaboration
between accountants and technologists from all over the world. It is a digital language that was
developed to provide a common, electronic format for business and financial reporting. It offers major
benefits to all those who have to create, transmit, use or analyse such information. In XBRL, mark-up
tags are used to make business information computer-readable. It is intended to standardise financial
reporting in order to promote transparency and to improve the quality and comparability of business
information. It is based on eXtensible Mark-up Language (XML) by which both the contents and
relationship can be easily established between the users and providers of financial information. Instead
of treating financial information as a block of text or numeric items, XBRL attaches a unique
electronically readable tag for each individual financial term. It is not just content but also the context
that is being transmitted through XBRL.
An XBRL document comprises of the taxonomy and the instance document. An XBRL instance
document contains primarily the business facts being reported, and taxonomies refer to an electronic
dictionary of the reporting concepts and consist of all the data definitions, the basic XBRL properties
and the interrelationships amongst the concepts. In other words, taxonomy contains description and
classification of business and financial terms, while the instance document is made up of the actual
facts and figures.
Regulators of stock exchanges and securities, banking regulators, business registrars, revenue
reporting and tax-filing agencies and national statistical agencies all over the world employ XBRL for
their information dissemination purposes. Therefore, taxonomies have to be in sync with the global
taxonomy as recognized by XBRL International. The responsibilities of forming XBRL national
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jurisdiction and implementation of the standards for financial reporting in India have been entrusted to
the Institute of Chartered Accountants of India (ICAI). It has formed the XBRL India for managing the
affairs of Indian Jurisdiction of XBRL International. Adopting international best practices, the goals of
XBRL as set up by the MCA are as follows:
1. Businesses are enabled to register a company and file statutory documents quickly and easily.
We have studied so far that the promoters shall have to move with all the documents to the
Registrar of Companies (RoC) to file their Memorandum of Association, Articles of
Association, a copy of prospectus and pay necessary fees before registering the company.
Under the MCA 21 initiative, filing of physical documents have been dispensed with.
Financial institutions also find registration and verification of charges easy.
2. Public can get easy access to relevant records and get their grievances redressed effectively. It
establishes bondage between a company and its stake-holders to settle their dispute outside the
court in the shortest possible time.
3. It facilitates out of the court settlement of disputes and also provides a mechanism for quick
dispute settlement.
4. Professionals are able to offer efficient services to their client companies anytime and from
anywhere.
5. The MCA shall also ensure pro-active and effective compliance of relevant laws and corporate
governance. The implementation of XBRL will shorten the cycle time for MCA service
delivery and bring transparency.
6. The employees of MCA are enabled to deliver the best of breed services.
XBRL has been adopted by the MCA for filing financial and costing information with the Central
Government by mandating certain class of companies to file their balance sheets and profit and loss
accounts from the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements
required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the
existing Schedule VI, as per the existing (non converged) Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006. The revised schedule is applicable for companies to
comply, in a phased manner, starting from April 1, 2011. In the first phase, (i) All companies listed in
India and their subsidiaries; (ii) All companies having a paid up capital of Rs 5 crore and above or a
turnover of Rs 100 crore or above, excluding power and banking companies, insurance companies,
Non-Banking Financial Companies and overseas subsidiaries of these companies will be required to
prepare their Income Statement and Balance Sheet as per the revised schedule. The same provision has
been duly carried forward and included under the Companies Act, 2013.
Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements.
All participants in the financial information supply chain can benefit, whether they are preparers,
transmitters or users of business data. It also meets the requirements of regulators, lenders and others
consumers of financial information. XBRL benefits comparability by helping to identify data which is
genuinely alike and distinguishing information which is not comparable. XBRL increases the usability
of financial statement information. This improves business relations and lead to a range of benefits.
With full adoption of XBRL, companies can automate data collection. Once data is gathered in XBRL,
different types of reports using varying subsets of the data can be produced with minimum effort. Not
only can data handling be automated, removing time-consuming and error-prone processes, but the
data can also be checked by the software for accuracy.
The major issue for organizations is deciding how to integrate XBRL within their own environment.
The use of XBRL may result from a strategic decision to adopt it within the organization, or it may
also result from a requirement of an information intermediary or regulator. Organizations can adopt
several methods for XBRL implementation:
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Conversion: At the most basic level of adoption, organizations may see XBRL purely as a compliance
exercise and a cost burden. An organization takes information from various sources within the
organization and then copies or keys this information into an XBRL tool. There is no process change
in this approach, merely a conversion of the results of the existing processes to a different format,
including the existing inefficiencies.
Outsourced: A second alternative is to use a third-party company to generate the XBRL by
interfacing with the financial reporting tool. The organization may use the power of XBRL to layer
internal metrics and definitions within an extension to the taxonomy required by the external parties.
The mapping of internal metrics to the taxonomy should involve both management and the outsourced
provider. As a result, the risk of communicating invalid or incorrect information is minimized.
Integrated: There are two more options to ensure that the information aligns with the internal
taxonomy. The XBRL Global Ledger Framework, which represents the financial and non-financial
facts that flow to reporting and come from transactions, may be used as the transport medium to move
performance and compliance information from the subsidiary to the head office. An alternative option,
which may be applied in some cases, is to change the internal processes and accounting information
systems within the organization.
Regardless of which implementation strategy an organization selects, controls across three major areas
are necessary to manage risk:
1. Selecting, maintaining, and testing taxonomies and extension taxonomies;
2. Accurately mapping and tagging data elements to XBRL reports; and
3. Enforcing change management procedures for XBRL processes.
XBRL supports a wide variety of data that organizations use to build management reports, including
financial reports, balanced scorecards, and sustainability reports. Organizations can leverage XBRL for
value by embedding XBRL within internal processes to enhance the effectiveness, efficiency and
reliability of management reporting. The steps for filing financial statements in XBRL format as
provided under the MCA portal are:
1. Creation of XBRL instance document
2. Download XBRL validation tool
3. Load the instance document
4. Validate the instance document
5. Pre-scrutiny of the instance document
6. Convert to PDF format and verify the contents of the instance document to ensure that the
textual information entered in the instance document is clearly viewable
7. Attach instance document to the Form 23AC-XBRL and Form 23ACA-XBRL
8. Submitting the Form 23AC-XBRL and Form 23ACAXBRL on the MCA portal
Financial information and accounting data are formatted in accounting language in respect of
Generally Accepted Accounting Principles (GAAP) which ensures access to more accurate and
reliable financial information. XBRL uses technical terms like revenue, cost, amortization of deferred
revenue expenditure, impairment of intangible assets and recognition of revenue under accrual system
which is comprehensible by the accounting professionals. A financial reporting concept within XBRL
is called an element; each element being assigned XBRL basic attributes and relationships. It does not
limit the extent of financial information that is to be disclosed in a financial statement nor does it
change the content of GAAP. Instead, XBRL permits the automatic exchange and reliable extraction

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of financial information across all software formats and technologies. The XBRL may be applied in
the following areas:

XBRL helps in cost control, reduction and cost management. Preparation of cost sheet,
payment scheduling, inventory classification, cost apportionment, cost allocation, cost audit
and cost compliance report is facilitated by it. Once the format is designed and preserved, it
can be updated anytime according to the necessity of the management;

Receivables management, debt collection, factoring service can be facilitated by the


application of XBRL;

Accounting for foreign exchange transaction, foreign exchange translations, foreign exchange
exposure risk, transaction loss, etc. can be formatted in drill down format through the use of
XBRL;

Using hyperlinks in XBRL formatted documents, a user can derive financial information, key
financial tables and standardized financial information, including footnotes and relevant
financial ratios;

Automatic import of Master Data of company via Corporate Identity Number (CIN) and
Director via Director Identification Number (DIN), one time creation of Product Master and
Product detail is facilitated by XBRL;

XBRL has in-built validations to prevent errors. Besides, it provides for the generation or
automatic validation of cost instance document for submission to MCA;

Information pertaining to extent of priority sector lending, number of no-frills account opened,
classification of non-performing assets, capital adequacy ratios spread in respect of interest
rate differential, assessment of credit risk may also be established through XBRL in respect of
a banking institution;

XBRL tag can be beneficially applied by insurers in respect of insurance and risk
management. Existence of over-insurance, under-insurance, partial coverage of risk in respect
of employees and operations of an entity can be ascertained with XBRL.

Implications of the Use of XBRL


The responsibility of acting as a financial consultant and advisor rests upon the members of the
Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India
(ICAI). In this paragraph, we deliberate upon the adoption of e-governance mode of disseminating
financial information in general and also through XBRL in particular, upon the professional members
of the ICSI and the ICAI.
On The Company Secretaries
We have come to realize that the position of Company Secretaries (CS) is no more confined to
traditional secretarial work alone, but its ambit has been widened as the office of CS is now regarded
as a Compliance Officer on all legal matters which a corporate entity is mandated to comply with. Egovernance, thus, becomes a handy tool kit at the disposal of the CS. He has now been relieved of
discharging day-to-day routine works through paper form; rather, he has to now transform and
assemble information in electronic form. As a result, it will be to the advantage of a CS to have an
exposure to XBRL.
Although the line staff is required to furnish financial information in XBRL form, the matter does not
end here, because the CS, while preparing office memorandum and agenda items to be discussed in the
Board meeting, shall have to prepare the same in electronic mode and circulate it among all the
members of the Board. The secretarial functions, documents and financial information have to be
designed in an electronic form using XBRL.
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The CS will be directly responsible for filing return and copy of the Annual Reports to the Registrar of
Companies (RoC) and other MCA authorities through XBRL format only. The CS shall also be
responsible for filing tax returns with different categories of domestic revenue authorities such as
Income Tax authorities, Value Added Tax (VAT) authorities, Service Tax authorities, Central Excise
authorities, Customs authorities, etc. The CS as a Compliance official of the company is required to
assign digital signature on all the electronic documents taken out of the Board Room. All the
information contained in the electronic form with the CS cannot be taken out and shared with the
stakeholders without the prior approval of the Board. The CS acting as a mouthpiece of the concerned
shall be entrusted with the task of maintaining confidentiality, secrecy and security of digital
information used for internal purposes. It will be further convenient for the CS when he/she will be
involved in the process of inter-company negotiation on account of undertaking global transactions for
purchase and sale of raw materials, intermediate goods or final products; for inter-company capital
investment, movement of investment and investible resources from parent company to the subsidiary
company or between two parent companies in two locations abroad; for transfer-pricing; for
acquisition and transfer of financial assets, investment assets beyond the boundary of the nation;
preparing invoice in two different currencies where business transactions are taking place across the
boundary of the nations.
The CS is placed in a position of king-pin in the organizational structure of a company. By virtue of
this position, he is required to guide and offer counseling to other members of the Board in order to
enable them to arrive at informed and meaningful decisions. In all the aforesaid instances, egovernance through XBRL is not only an essential but also a sufficient condition to take advantage of
an open, liberal and internationalized business environment. The success of the business entity and its
sustenance would depend to a large extent upon a competent CS equipped with IT-driven knowledge
and exposure mingled with financial and other non-financial information of the business entity.
On The Chartered Accountants
XBRL has also changed the way a Chartered Accountant (CA) discharges his duties. A CA can now
undertake tax planning and accurate assessment of tax liability for his clients. The past audit report and
audit information of a client can be tagged in XBRL format which enables him to get quick reference
about the relevant information of the clients business and the changes that have taken place between
the two time periods. With an exposure to XBRL, CA professionals can expand the horizons of their
services to international clients as well. When a CA renders his expert advice for an international
client, intra-company stock transfers, transfer pricing, etc. can be facilitated through XBRL by
assigning a unique tag to the concerned items. Moreover, an IT savvy CA can map statements into
XBRL using software designed for the purpose which enables export of data in a cost-effective and
user-friendly manner.
The CAs can position themselves to the development of XBRL and can render value-added services to
their clients. They can guide their clients to enter a new digital world, solve business issues and
capitalize on opportunities. Most of the accounting professional bodies around the world are trying to
utilize XBRL for preparation and presentation of financial statements and other business information.
The National XBRL jurisdictions look after the implementation of IFRS with the help of XBRL, thus
enhancing efficiency and comparability of financial information and the adoption of IFRS around the
world. When the country is preparing to adopt and embrace IFRS as a national accounting standard,
our exposure to XBRL would facilitate better compliance with IFRS with greater and deeper
information networking system at par with global professional bodies as well as business enterprises.
CONCLUSION
The use of XBRL manifests the functional areas and application of IT in the field of e-governance
through digital and electronic environment. XBRL is a global standard for providing financial
information to be used by wide scale of users requiring this information for their financing and
investment decisions. The need for XBRL arises owing to internationalization of capital movement
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and opening of investment opportunities in financial assets across the globe. When MNCs cross the
boundaries of the host nation to promote investing, marketing, distribution and transfer of either raw
materials or semi finished products as an intermediary input or final product in a distribution channel
to make the supply chain reaching the doorstep of final consumers in different locations across the
globe, then the dissemination of financial information through e-governance mode is not only essential
but a sufficient condition to perpetuate the cause of global business integration. When the business is
integrated, be it in respect of manufacturing, investment rendering of services the language of the
business also needs to be internationalized through commonly acceptable and understandable
parameters across the multilingual users. The multi-linguality can, thus, be converged into one
machine language. The country, as a result, will not only attain convergence of Indian GAAP with
international GAAP or IFRS, but it will also encourage convergence of information system like XBRL
as a global language of business entities worldwide.
At the same time, it must be realized that XBRL is not a solution to all information transfer problems.
It is designed explicitly to support business reporting and, as a result, has inherent limitations. Some of
the enhanced functionality associated with XBRL is also relatively recent and its use should be
matured and executed with a planned approach.
REFERENCES
1. K.S.Muthupandian, Electronic Filing of Forms in MCA 21 An Overview, The Chartered
Accountant, May 2006, pp. 1574, 1576, 1577
2. United Nations Department of Economic and Social Affairs. "United Nations E-governance
Survey, 2012"
3. Jeong Chun Hai, Fundamental of Development Administration, Selangor, Scholar Press, 2007
4. Delep
Goswami,
Compulsory
Issue
of
Director
Identification Number under MCA-21, Executive Chartered Secretary, April, 2006, Vol.III, No.4,
pg. 300-301
5. Hilmielifoglu, Joel Siegel, Extensible Business Reporting Language (XBRL), The Management
Account, Institute if Cost and Works Accountant, Vol. 8, August, 2004, pp 770, 671
6. United Nations, 2006; AOEMA, 2005
7. http://www.nisg.org
8. http://xbrlindia.com

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