XBRL Accounting Reporting

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."

Sample of Sources Used:

• McGuire, Brian L, Scott J Okesson and Liv A Watson, "Second-Wave Benefits of XBRL." Strategic Finance Dec 2006: Volume 88, Issue 6. Access My Library. 8 Apr. 2009. http://www.accessmylibrary.com
• McEachern, Christina. "The Future Looks Bright for XBRL" 05 Dec. 2002. 8 Apr. 2009. http://www.wallstreetandtech.com/story/topNews/WST20021205S0008
• "Understanding the XML Standard for Business Reporting and Finance" Software AG. 01 Dec. 2002. http://www.inman.com.au/collateral/WP-XBRL-E.pdf
• Wallison, Peter J. "Give Them the Tools and They Will Finish the Job". 23 Feb. 2006. 8 Apr 2009. http://www.aei.org/publications/pubID.23936,filter.all/pub_detail.asp
• Ward, Graham. "How XBRL Can Enhance the Credibility of Audited Financial Statements" 18 Nov. 2004. 9 Apr. 2009. http://www.ifac.org/MediaCenter/?q=node/view/73

More papers on XBRL Accounting Reporting:

• Term Paper # 146501 : "Accounting Disasters and Changes in Financial Reporting"
• Term Paper # 140362 : "Regulating Financial Accounting and Reporting"
• Analytical Essay # 66341 : "International Financial Reporting"

APA Citation:

MLA Citation: