An analysis of the benefits of using Extensible Business Reporting Language (XBRL) as a language for the electronic communication of business and financial data.
Written in 2009; 2,305 words; 4 sources; MLA; $ 71.95
Paper Summary:
This paper discusses Extensible Business Reporting Language (XBRL), a language for the electronic communication of business and financial data that is revolutionizing business reporting around the world. The paper discusses the major benefits in the preparation, analysis and communication of business information that XBRL provides. It also discusses the benefits in terms of cost savings, greater efficiency and improved accuracy and reliability that can be expected with XBRL.
Table of Contents:
Introduction of XBRL
Data Collection and Reporting
Data Consumption and Analysis
Implementing XBRL
Taxonomy
From the Paper:
"SEC does not require independent auditor assurance on XBRL submissions and is also not expected to read the XBRL to assess if there are inconsistencies with the audited financial statements; however, the company can benefit from independent auditor by engaging their independent auditor to provide assistance to management in assessing whether Taxonomy tags or extensions is selected appropriate or the XBRL rendering reflects the related official filing. The independent auditor can be engaged to provide permissible advisory services, or agreed upon procedures, in order to increase the company's confidence level in its XBRL exhibit."
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