Discusses Extensible Business Reporting Language (XBRL), an accounting reporting language.
Written in 2009; 1,195 words; 6 sources; MLA; $ 40.95
Paper Summary:
This paper explains that the use of Extensible Business Reporting Language (XBRL) will solve many accounting problems, such as standardization. XBRL, which is based on XML, the author relates, will enable the automatic exchange and reliable extraction of financial information with all technologies and across all software formats. The paper discusses the history and present state of its development and suggest that XBRL will not only create better quality reports for institutions recipients, but it will also create a better internal reporting environment.
Table of Contents
Introduction
Misconceptions and Users
Enhanced Credibility
Advantages
Implementation
Conclusion
From the Paper:
"Because XBRL is still in its infant stages of development and acceptance there are still misconceptions about XBRL's purpose. XBRL is not a new accounting standard and requires no additional changes to existing accounting standards. Unlike Sarbanes-Oxley, XBRL is not a regulatory action but a tool to aide businesses in their financial reporting process. CFOs will still have full control of disclosure, but it will allow for more timely and reliable data. Also, unlike many accounting information systems, XBRL is relatively inexpensive to implement."
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