Dated On 08 Feb 2009

An article by S. Swaminathan is the Founder CEO of IRIS, and India’s leading XBRL evangelist “At IRIS, our exercise to develop India’s first XBRL database of listed companies threw up some startling findings. We were stunned that for several companies, the financial statements for financial year 2008 lacked internal consistency in the sense that the numbers reported in the schedules did not tally with the number in the main financial statement. The variations ranged from as high as 40 per cent in some elements in some companies to less than 1 per cent in others”

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Business Today