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Future of Business Reporting in India: An XBRL Perspective

Indian Journal of Sustainable Development

Volume 7 Issue 1

Published: 2021
Author(s) Name: Abhishek N., Mohammed Hibban | Author(s) Affiliation: Institute of Management Studies and Commerce, Srinivas University, Mangalore, Karnataka, India.
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Abstract

Effective and transparent business reporting enables firms to communicate with internal and external stakeholders, including customers, employees, shareholders, creditors, and regulators, clearly and concisely. Strong and sustainable businesses, financial markets, and economies all depend on high-quality business reporting because it gives interested parties the information they need to evaluate an organization’s performance and make defensible choices about its ability to produce and keep value. Value in this sense can include social, environmental, or broader economic value in addition to monetary value. Organizations should give their stakeholders high-quality reports because their success is entirely dependent on them. For instance, efficient, high-quality reporting lowers the risk for lenders and could result in lower capital costs. This paper intends to analyze the conceptual aspects of future business reporting in India. For this purpose, the data was collected purely from secondary sources through articles, journals, books, government reports, etc. And discovered that integrated reporting based on XBRL is the most trustworthy method of communicating with all stakeholder classes.

Keywords: Business Reporting, Financial Reporting, Non-Financial Reporting, Integrated Reporting, XBRL

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