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The day before yesterday, There was a press release by our company(IRIS Business Services Pvt Ltd) titled 'Sorry wrong number: Study finds financial results of 209 listed Indian companies don’t add up' The report includes findings from the XBRL based data base, which we at IRIS, have created of about 1000 odd listed company, Which includes financial statements schedules to financial statements of the companies. The findings were astounding. There were as much as 209 companies whose numbers dint add up. i.e. in other words, there were calculation discrepancies in 'Audited' financial statements of the companies. For one of the company, there was an error of as much as Rs.216 Cro...
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sowmya
| Commented
| 2 years ago
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Yep.. There cannot be calculation inconsistencies in Audited Financial statements.
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punya
| Commented
| 2 years ago
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Thanks Mathew. That is true, that it may not be understood properly, it cannot be called a fraud. But the ultimate objective of reporting financial statements is lost. Assets = Capital + Liabilities The errors cannot be expected. That too from...
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Mathew Cherian
| Commented
| 2 years ago
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Sometimes companies create 'provisions' and 'reserves' for major losses. This might turn up a discrepency in the statement if not properly understood or entered.
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Insight: "Calculation inconsistencies in financial reporting by Companies" deleted from your view.
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(rate this)
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The day before yesterday, There was a press release by our company(IRIS Business Services Pvt Ltd) titled 'Sorry wrong number: Study finds financial results of 209 listed Indian companies don’t add up' The report includes findings from the XBRL based data base, which we at IRIS, have created of about 1000 odd listed company, Which includes financial statements schedules to financial statements of the companies. The findings were astounding. There were as much as 209 companies whose numbers dint add up. i.e. in other words, there were calculation discrepancies in 'Audited' financial statements of the companies. For one of the company, there was an error of as much as Rs.216 Cro...
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sowmya
| Commented
| 2 years ago
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Yep.. There cannot be calculation inconsistencies in Audited Financial statements.
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punya
| Commented
| 2 years ago
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Thanks Mathew. That is true, that it may not be understood properly, it cannot be called a fraud. But the ultimate objective of reporting financial statements is lost. Assets = Capital + Liabilities The errors cannot be expected. That too from...
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Mathew Cherian
| Commented
| 2 years ago
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Sometimes companies create 'provisions' and 'reserves' for major losses. This might turn up a discrepency in the statement if not properly understood or entered.
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Insight: "Calculation inconsistencies in financial reporting by Companies" deleted from your view.
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Fundamental Analysis
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15
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24
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Technical Analysis
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Anirban Roy
| Argues in support of
"Technical Analysis"
| 2 years ago
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How about technical analysis of fundamentally sound companies ??
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punya
| Argues in support of
| 3 years ago
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Technical analysis is a study of past price volume data of a particular script. Its all about understanding the psychology. It could be used along with fundamental analysis, so as to time the market. However, in long run its the fundamentals only,...
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suchita Ambardekar
| Argues in support of
"Technical Analysis"
| 3 years ago
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If one were to follow technical analsyis,came out by means of trailing stop loss.So many pms came out of market in late november 2007 and early dec 2007.Because though pinpointing exact top may not possible,stop loss in trending market of...
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Debate: "Fundamental V/S Technical analysis" deleted from your view.
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(rate this)
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Fundamental Analysis
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15
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VS |
24
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Technical Analysis
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Anirban Roy
| Argues in support of
"Technical Analysis"
| 2 years ago
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How about technical analysis of fundamentally sound companies ??
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punya
| Argues in support of
| 3 years ago
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Technical analysis is a study of past price volume data of a particular script. Its all about understanding the psychology. It could be used along with fundamental analysis, so as to time the market. However, in long run its the fundamentals only,...
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suchita Ambardekar
| Argues in support of
"Technical Analysis"
| 3 years ago
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If one were to follow technical analsyis,came out by means of trailing stop loss.So many pms came out of market in late november 2007 and early dec 2007.Because though pinpointing exact top may not possible,stop loss in trending market of...
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Debate: "Fundamental V/S Technical analysis" deleted from your view.
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(rate this)
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Fundamental Analysis
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15
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VS |
24
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Technical Analysis
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Anirban Roy
| Argues in support of
"Technical Analysis"
| 2 years ago
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How about technical analysis of fundamentally sound companies ??
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punya
| Argues in support of
| 3 years ago
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Technical analysis is a study of past price volume data of a particular script. Its all about understanding the psychology. It could be used along with fundamental analysis, so as to time the market. However, in long run its the fundamentals only,...
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suchita Ambardekar
| Argues in support of
"Technical Analysis"
| 3 years ago
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If one were to follow technical analsyis,came out by means of trailing stop loss.So many pms came out of market in late november 2007 and early dec 2007.Because though pinpointing exact top may not possible,stop loss in trending market of...
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Debate: "Fundamental V/S Technical analysis" deleted from your view.
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(rate this)
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They say XBRL is the future of reporting? Is there any gain of truth in it? If the regulators are to be believed? Yes there is much of a truth to it. The biggest the foremost event happenned in recent times, is Mandating XBRL by SEC (Which calls it Interactive data), the big 500 companies having a global float of more than USD 2 Billion, will be filing their returns to Securities and Exchange Commission in XBRL format. Even Central banks like RBI of India Bank of Spain. Have already XBRLised banks are already filing returns to them in XBRL Format. More to follow (to be continued)
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punya
| Commented
| 3 years ago
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After Satyam scam, everyones talking about, how to avoid more of such scams? One may ask.. Will XBRL avoid such frauds.. The answer is no.. It will just make sure.. that people get to know in detail.. whats reported by Mgmt.. in a much better...
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Insight: "Why XBRL" deleted from your view.
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(rate this)
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They say XBRL is the future of reporting? Is there any gain of truth in it? If the regulators are to be believed? Yes there is much of a truth to it. The biggest the foremost event happenned in recent times, is Mandating XBRL by SEC (Which calls it Interactive data), the big 500 companies having a global float of more than USD 2 Billion, will be filing their returns to Securities and Exchange Commission in XBRL format. Even Central banks like RBI of India Bank of Spain. Have already XBRLised banks are already filing returns to them in XBRL Format. More to follow (to be continued)
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punya
| Commented
| 3 years ago
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After Satyam scam, everyones talking about, how to avoid more of such scams? One may ask.. Will XBRL avoid such frauds.. The answer is no.. It will just make sure.. that people get to know in detail.. whats reported by Mgmt.. in a much better...
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Insight: "Why XBRL" deleted from your view.
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