There is a big hoopla about XBRL – and all people talk about ‘data integrity’.

Well what is data integrity?

Well if you are a user of data in India (no clue how it is abroad) you spend half the time wondering whether the data you are using is correct or not.And for those of us who started ‘research’ in the 1980s data integrity was a major issue.

To a great extent this got corrected when packages like CMIE came with far more accurate data – and with the basic ratio analysis, fund flow analysis in place.

However even now companies can file Annual Returns or annual accounts can still be filed with inaccuracies. Opening stock not being equal to last year’s closing stock, the total in the schedules not adding up to the total in the p&l and b/s.

Are these mistakes or frauds?

Well if the Board of directors accepted the accounts, gave it to the auditors for audit, then accepted the audited accounts, then the company secretary signed it – it should not have mistakes, right?

So if it is not a mistake is it a fraud?

Well you be the judge….read on…

Sorry Wrong Number – Myiris.com Study[1]

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