Good and a valid question.
Actually in the Indian context we do not know how much the regulators will talk to each other! For example if RBI, SEBI, MCA, IRDA, …et al spoke to each other you may not have to file the same document with each of the authorities. If MCA, for e.g. regularly checks its quantitative information with Chambers of Commerce, Income tax authorities, Excise, etc. surely inconsistencies can be found.
Even internally (within the organization) the word sales can mean a different number to the salesman and a different number to the accountant. Gross sales could include excise duty, but for the calculation of commission it will have to be just the sales figure without the statutory levies.
This is even likely to become a great opportunity for software vendors and accountants – checking for internal consistency – afterall the business rules will have to be created, is it not?!!
In the United States for example – financial information filed with the SEC is shared with various organisations. The submission made by banks (to Federal Financial Institutions Examination Council) is shared by them with Federal Deposit Insurance Corporation (FDIC), Federal Reserve System (FRS), and the Office of the Comptroller of the Currency.
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