Web-based Corporate

Reporting Practices in India

• Internet being the fastest mode of communication has the widest reach in
the present world of globalised economies.
• It is a technology that has the potential to exhibit distinctive and attractive
features of information, which make it an efficient and cost effective
measure as compared to the traditional methods of print media.
• Recently the companies have started reporting their financial results and
other information relating to business on their websites. Almost every
company today maintains its website.
• In the present times, the increased economic, market and regulatory
pressures are requiring companies to accumulate and publish information
regarding financial performance, social and environmental issues, corporate
governance, marketing as well as other information with more frequency,
detail and variety of formats. Greater disclosure would enable regulators to
better monitor and control excessive risk taking by corporations.
• Web-based corporate reporting has become a quite popular practice of
communicating with stakeholders during recent times. Corporate reporting is
taking new shapes and raising major implications for regulations of markets.
 Corporate Reporting
• Corporate Reporting relates to communicating financial and non-financial
information regarding resources and performance of a company.
• Corporate reporting is defined as presenting data to internal management
and external users such as regulators, shareholders, the general public and
other specific stakeholder groups. Reporting process varies depending on
target audience and the goal is to move forward for closer alignments
between external and internal stakeholders and decision makers.
• Corporate reporting is the voluntary public presentation of information about
an organisation's financial and non-financial performance including
environmental, social and economic over a specified period, usually a
financial year.
• The conceptual framework of corporate reporting is generally based upon a)
timeliness of communication, b) reliability of information communicated, c)
materiality of the information, d) relevance of the information to users, and
e) forms of presentation.
• At the end of each financial year, a company has to prepare financial
statements, that is, profit and loss account and balance sheet and other
related information. These financial statements are duly audited and
certified by the auditors. Such statements are communicated to owners and
third parties such as creditors, customers, banks, financial institutions,
government authorities, community, and researchers.
 Web Reporting
• Web-based corporate reporting allows businesses to provide financial and
non-financial business information through their websites.
• It is also known as voluntary reporting, Internet reporting, web reporting,
Internet disclosure, web disclosure by companies.
• Web-based corporate reporting includes both financial reporting and non-
financial reporting.
• The financial reporting includes some statutory reports like profit and loss
account, balance sheet, cash flow statement, statement of changes in
financial position, director’s report, auditor’s report and interim reports. In
addition to this there are some non statutory financial reports also which
includes value added statements, summarized financial statements, current
cost accounts, human resources accounting, social accounting, financial
highlights, segment reporting, financial ratios, economic value added, price
level accounting etc.
• Non-financial reporting has its own value to evaluate a firm’s performance in
this dynamic and competitive environment. This non-financial information
includes information on corporate governance, corporate social
responsibility, corporate history, environmental reporting, sustainable
development reporting, product information etc. Through website a large
amount of non-financial information which may be useful for the
stakeholders is also provided.
 Corporate Reporting Standards in
India
• Accounting Standards are formulated with a view to harmonise different
accounting policies and practices in use in a country.
• The objective of Accounting Standards is, therefore, to reduce the
accounting alternatives in the preparation of financial statements within
the bounds of rationality, thereby ensuring comparability of financial
statements of different enterprises with a view to provide meaningful
information to various users of financial statements to enable them to make
informed economic decisions.
• The Institute of Chartered Accountants of India (ICAI) being a member body
of the then International Accounting Standards Committee (IASC),
constituted the Accounting Standards Board (ASB) on 21st April, 1977.
• While formulating accounting standards, the ASB takes into consideration
the applicable laws, customs, usages and business environment prevailing
in the country.
• The ASB also gives due consideration to International Financial Reporting
Standards/ International Accounting Standards issued by IASB and tries to
integrate them, to the extent possible, in the light of conditions and practices
prevailing in India.
• So far, 31 Indian Accounting Standards on the following subjects have been
issued by the Institute.
 Recent Developments
• Right to Information Act, 2005
• SEBI’s – EDIFAR - EDIFAR is the Electronic Data Information Filing And
Retrieval system. The EDIFAR has been launched by SEBI in collaboration
with the National Informatics Centre (NIC) and the EDIFAR site can be
accessed through a hyper link in SEBI’s web site This is an automated
system for filing, retrieval and dissemination of time sensitive corporate
information which till now were being filed physically by the listed companies
with the stock exchanges in India. By centralising the information through
on-line filing, EDIFAR’s primary objective is to centralise the information and
accelerate its dissemination and by doing so enhance the transparency and
efficiency for the benefit of all the stakeholders in the securities market.
• Convergence to IFRS
• XBRL- Moving Toward A Common Language For Financial Reporting -
XBRL stands for “Extensible Business Reporting Language.” It is a
subset of Extensible Markup Language (XML), a platform independent,
expandable and standardized method of exchanging information. It
can be used independently or incorporated into other computer
applications that require flexible information sharing.
 Objectives of the Study
The main objective of the present study was to examine the extent, adequacy
and usefulness of web-based reporting practices in corporate sector in
India. To achieve this broad objective the following specific objectives of the
study were identified in respect of selected units of the corporate sector in
India:
• To study the types and extent of web-based financial and non-financial
disclosures;
• To examine the compliance of web-based corporate disclosure with the
requirements of Indian Accounting Standards (AS);
• To study the relationship between web-based corporate disclosure and
various company characteristics including size, profits, age, nature of
industry, affiliation with business house, liquidity, ownership spread and
leverage;
• To assess the perceptions of various stakeholders on the adequacy and
usefulness of web reporting;
• To evaluate the web reporting in respect of its cost, timeliness, type,
frequency and benefits to companies; and
• To give suggestions on the basis of findings of the study for improvement of
web reporting practices and highlight its future potential in the changing
business scenario.
 Sample Size
• BSE 200 Index as on 15 January, 2007.
• The sample 200 companies come from 19 diverse
industrial sectors.
• To measure the type and extent of web disclosure by the
sample companies a worksheet referred to as Internet
Disclosure Index (IDI) was prepared. The information
was collected under seven major themes: i) Financial
Reporting Index (FRI); ii) Corporate Governance
Information (CGI); iii) Corporate Social Responsibility &
Human Resource Information (CSRI); iv) Marketing
Information (MI); v) Investor Relations Communication
(IRC); vi) Right to Information Act (RTI) and vii)
Technological Aspects and User Support (TAUS).
 Hypotheses for Disclosure Score
• H1 = There is positive association between industry type and Internet
Disclosure Index of a company.
• H2 = There is positive association between Internet Disclosure Index of a
company and its association with business house.
• H3 = There is no significant association between Internet Disclosure Index
of public sector companies and private sector companies.
• H4 = There is positive association between age of a company and its
Internet Disclosure Index.
• H5 = There is positive association between company size and information
disclosure on company’s website.
• H6 = There is no positive association between profitability and internet
disclosure index of companies.
• H7 = There is no significant association between company liquidity and
internet disclosure index of a company.
• H8 = There is no association between ownership spread and internet
disclosure index of a company.
• H9 = There is no significant relationship between leverage and internet
disclosure index of a company.
 Table - 1.5.2 Definition of Independent Variables
Variables Definitions
Size
Market Capitalisation Market value of companies as measured by their total capitalisation as
at the end of march 2006 ( 365 days average)
Total Assets Average total assets (March 2006 results)
Profit After ta x Profit earned after paying dividend and taxes (March 2006 results)
Profitability
Return on Total Assets Profit after ta x*100/ Total assets (March 2006 results)
Return on Equity Profit after ta xes and preference dividend/ Shareholders equity * 100
(March 2006 results)
Return on Sales Profit After Ta x as % of sales (March 2006 results)
Leverage
Debt equity ratio Total debt/total equity (March 2006 results)
Ownership Spread
Share Spread Percentage of promoters holding (as on 31 march 2006)
Liquidity
Current Ratio Current assets/current liabilities (March 2006 results)
 Categories in Disclosure Index (Dependent Variables) Maximum Possible Scores
Financial Reporting Index (FRI) 36
Corporate Governance Information (CGI); 18
Corporate Social Responsibility & Human Resource Information (CSRI) 14
Marketing Information (MI); 9
Investor Relations Communication (IRC); 12
Right to Information Act (RTI) 7
Technological Aspects and User Support (TAUS) 38
Non – Financial Reporting Index (NFRI) (It is a sub total of CGI + CSRI+ 99
MI+IRC+RTI+ TAUS)
Internet Dis closure Index (IDI) (It is sub total of FRI + NFRI) 135
 Accounting Standard Disclosure -
Methodology
• Only 132 companies are providing their
complete annual report on their websites which
constitute the sample of the present study.
These 132 companies come from 16 diverse
industrial sectors. Accounting Standards
Disclosure Index (ASDI) is the compliance of
companies towards disclosure requirements as
per accounting standards. A worksheet was
prepared containing 173 items of disclosure
requirements as per each accounting standard.
 Hypotheses
• H10 = There is positive association between industry type and Accounting
Standards Disclosure Index.
• H11 = There is positive association between Accounting Standards
Disclosure Index of a company and its association with business house.
• H12 = There is no significant association between Accounting Standards
Disclosure Index of public sector companies and private sector companies.
• H13 = There is positive association between age of a company and it’s
Accounting Standards Disclosure Index.
• H14 = There is positive association between company size and Accounting
Standards Disclosure Index of a company.
• H15 = There is positive association between profitability and Accounting
Standards Disclosure Index of a company.
• H16 = There is significant association between company liquidity and its
Accounting Standards Disclosure Index.
• H17 = There is positive association between ownership spread and
Accounting Standards Disclosure Index of a company.
• H18 = There is significant relationship between leverage and Accounting
Standards Disclosure Index of a company.
 Perception of Stakeholders and
Corporates
• Two questionnaires were administered from
stakeholders and sample 200 companies.
Sample of 255 respondents has been taken.
Table - 5.2.1.4 Stakeholders-wise Classification of Respondents
Category Frequenc y Per cent
Investors 98 38.43
Employee of company 44 17.25
Customer 31 12.16
Regulator 4 1.57
Financial Analyst 51 20.00
Corporate Lender 1 0.39
Auditor 4 1.57
Professional/ Researchers 22 8.63
Total 255 100.00
 Statistical Techniques Used
• Descriptive analysis,
• Correlation,
• Kruskal-Wallis H Test,
• ANOVA,
• Komologrov Smirnov test,
• Mann-Whitney U Test,
• Chi-square test,
• Multiple regression Analysis
• Factor Analysis
 Web-Reporting
• Mean IDI score of IT sector, diversified sector and transport services sector is the
highest. In case of FRI disclosure, mean score of diversified sector and financial
sector is the highest. The mean NFRI score of IT and diversified sectors is also good.
IT sector has the highest mean TAUS score, which reveals that technologically IT
industry websites are better than others. It is seen that mean IDI score of Hinduja
group, Birla group and public sector are very good. Reliance (Mukesh Ambani) group
has the highest mean FRI score and Hinduja group follows it. Hinduja group has the
highest mean NFRI score. Mean CGI score of O.P. Jindal group and Tata group are
the highest. The average TAUS score of Birla group and Hinduja group is the highest
which shows that they have technologically better websites as compared to other
groups. The above analysis shows that overall Indian companies have made good
amount of disclosures on their websites. Lots of financial and non-financial
information is available on websites. Indian companies are increasingly adopting CSR
as their regular feature and encashing it for their image management. Disclosures
under Right to Information Act are being adopted by only public sector companies but
in future it will definitely increase and make the whole system more transparent. E-
commerce has a bright future for India if strategic issues are handled, because Indian
companies are open towards change. Technologically most of the Indian websites
are well structured because India has good IT base.
• Multiple regression analysis presents a best fit model where Internet
Disclosure Index of a company has been explained by industry
sector, affiliation with business house, size, profitability and
ownership spread of the company. Size (measured form market
capitalisation) has highly significant positive association with IDI.
Profitability (return on equity) has highly significant negative
relationship with IDI. Ownership Spread has highly significant
negative relationship with IDI. Industry sector has less significant
positive association with Internet Disclosure Index. Affiliation with
business house has negative association. Age of a company has
insignificant negative association with IDI. Remaining variables of
liquidity and leverage were insignificant so were eliminated at the
time of designing the best fit model. Thus, it can be concluded from
the above analysis that type and extent of web disclosure done by a
company depends on its industry sector, association with business
house, size, negatively associated with age and has negative
relationship with ownership spread.
• Multiple regression results show that affiliation with
business house and industry sector variables explain the
level of accounting standard disclosure compliance as
these variables constitutes the best fit regression model.
The above analysis concludes that ASDI of a company
depends upon its industry sector, affiliation with business
house and profitability. It is not necessary that a
company which has good web disclosure (IDI) also make
good compliance towards ASDI. Two companies which
have outperformed other companies in terms of
disclosures under IDI and ASDI are Bharat Earth Movers
Ltd. and Bharat Heavy Electricals ltd. Overall private
sector companies’ disclosure for ASDI has been better
as compared to public sector companies.
• Factor analytic study summarised eight
factors which describes perception of
stakeholders about web reporting. These are
benefits of web-reporting, future aspects of
web-reporting, legal acceptability of web-
reporting, shortcomings, investment
decision, standardisation of content,
mandatory requirement and substitute for
traditional reporting. These factors
summarise the results of detailed analysis.
 Companies consider web reporting as the most reliable
and dependable means of reporting, and it can perfectly
replace traditional print based reporting system as it
meets aspirations of all stakeholders. They feel that web
reporting is the future financial reporting practice
throughout the world and would help promote global
competition. In future the scope of web-reporting would
expand keeping in view of the convergence of Indian
accounting standards with international standards and
globalisation. To fully implement web-reporting and to
enjoy benefits of web-reporting, internet penetration and
proper record of information should increase.
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