Presentaci

1
(No Transcript)
2
Jurisdiction Development- Indian
experienceAnil Jogani MBA, FCA,
CISADirector Tally Solutions UK Ltd
3
How it started

• Academic effort in the past 3-4 years
• no interest from target stakeholders
• Direct Participant membership by two software
  companies
• No accounting firm interested
• Boston conference of April 2005
• Meeting with Juris Dev Committee
• Encouragement to promote

4
Start with committed people

• June 2005
• Promoter - A leading software company invests
  people, time and effort and money
• Ropes in an interested and influential accountant
• They make presentations to different regulators
  and companies
• The relationships of the Software company opened
  many doors
• Get interest from
• Two Apex Accounting Bodies, Two stock exchanges,
  Central Bank
• Software companies
• Promoter takes President of oneApex accounting
  body to XII New York!
• However, all are cautious and it is down to the
  software company to move things forward.
• The start-up team must have passion and
  commitment and the budget!

5
Intense PR

• July Oct 2005
• Created and spread the vision for XBRL in India
• Wrote XBRL articles in accountancy journals
• Received half-page write up in a leading
  newspaper
• Created a not-for-profit company for XBRL which
• Enabled dissemination of Information literature,
  XII circulars
• Avoided conflict of interest
• Regular participation in XII jurisdev concalls
• Gave us exposure to XII ways
• and confidence to all that we were serious

6
Seminars

• December 2005
• Conducted two seminars in December 2005
• Mumbai and Delhi
• Great support from XII. Kurt Ramin and Ed
  Watanabe spoke
• 100 attendees at each location
• Bombay Stock Exchange President was the Chief
  Guest at Mumbai (he is now Vice-Chairman of XBRL
  India)
• Chamber of Commerce President Chief Guest in
  Delhi
• Good support from software companies for the
  events
• Signed up 9 organisations as founder members

7
Bottlenecks

• A large diverse country a sub-continent of
  different practices
• Difficult to get commitment from non-commercial
  organisations
• Misplaced perception that the software company
  had vested interests
• Typical not-for-profit organisation issues
  compounded by local beliefs
• Too many people to please. Many who comment from
  the ringside
• Cautious about anything new
• Wait and watch before they jump in
• Red tape
• Costs deter participation
• XII fee structure deterred many but others were
  convinced to take the plunge
• Took all in our stride. Different tactics
  yielded results.

8
Lessons learnt

• High-visibility efforts are necessary to get
  buy-in from target stakeholders
• Somebody has to foot the bill!
• Get target stakeholders to take key high-profile
  positions and open up the organisation asap
• Market has low propensity to spend on RD
• Hence do everything to attract and retain
• Dont scare them off with very high fees for
  exploring new stuff
• Believes in try before buy or better still free
  because time is being invested!
• What will we get out of this?
• This will take a long time to be accepted. We
  will revisit it when it is more widespread
• If they then find it good for them, they will
  spend.
• At the same time, potential for large membership
  numbers

9
Conclusion

• It is not easy to start and rally support
• Even difficult to sustain momentum and belief
• However,
• Ensure that passionate and committed people are
  involved
• Continue to maintain relationship
• both domestic and international
• Dont be afraid to make mistakes else progress is
  not possible
• but make amends quickly
• Success is not that far away!