XBRL USA
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| Blog Name: | XBRL USA |
| Url: | http://xbrlusa.wordpress.com |
| Language: | English |
| Topics: | XBRL, Financial Reporting, Information transformation |
| Description: | XBRL (eXtensible Business Reporting Language) is an XML based programming language that enables the movement of data (XML for business and financial data). XBRL utilizes standard definitions (taxonomies) to tag data and enable its movement. The taxonomies are designed to enable users to "grab" similar data from multiple sources whereby the "grabbed" data have from the same financial meaning (such as Raw Material Inventory values from multiple companies. XBRL is extensible - meaning it can be expanded in an orderly way to enable greater utilization by professionals. |
| Popularity: | 1 Followers |
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XBRL and the Internal Auditor
XBRL in the United States is currently most visible in regulatory reporting to the SEC. Many organizations have assigned the responsibility for XBRL to the financial reporting department, but is that the only area that should be involved? Is there a role for internal auditors in complying with SEC XBRL requirements and utilizing XBRL to gain internal reporting efficiencies? Let’s explore the internal auditor’s potential role in XBRL. The management of an organization is responsible for ensuring that accurate and complete financial statements are produced. In this context, management is also responsible for XBRL formatted financial statement accuracy and completeness
XBRL in the United States is currently most visible in regulatory reporting to the SEC. Many organizations have assigned the responsibility for XBRL to the financial reporting department, but is that the only area that should be involved? Is there a role for internal auditors in complying with SEC XBRL requirements and utilizing XBRL to gain internal reporting efficiencies? Let’s explore the internal auditor’s potential role in XBRL. The management of an organization is responsible for ensuring that accurate and complete financial statements are produced. In this context, management is also responsible for XBRL formatted financial statement accuracy and completeness
Codification & XBRL Linked
The FASB Codification and XBRL are now conjoined within the Codification website. The FASB says that some XBRL elements are now electronically linked into the Codification. The Codification now provides a list of the XBRL links to the paragraphs in the Codification. For an example see ASC-840-10-75. The FASB’s N
The FASB Codification and XBRL are now conjoined within the Codification website. The FASB says that some XBRL elements are now electronically linked into the Codification. The Codification now provides a list of the XBRL links to the paragraphs in the Codification. For an example see ASC-840-10-75. The FASB’s N
Coming Uptick in XBRL Use
XBRL will improve transparent reporting and processing as companies begin to tag corporate actions such as mergers, reorganizations, and similar transactions. The additional tagging is being sought by XBRL US, the Depository Trust and Clearing Corporation and the Society for Worldwide Interbank Financial Telecommunication. The groups suggest that standardizing corporate action reporting using XBRL would reduce the risk of errors, and improve transparency and speed the reporting these transactions. XBRL US
XBRL will improve transparent reporting and processing as companies begin to tag corporate actions such as mergers, reorganizations, and similar transactions. The additional tagging is being sought by XBRL US, the Depository Trust and Clearing Corporation and the Society for Worldwide Interbank Financial Telecommunication. The groups suggest that standardizing corporate action reporting using XBRL would reduce the risk of errors, and improve transparency and speed the reporting these transactions. XBRL US
The XBRL Advantage
XBRL is an emerging finance technology for sharing business and financial information between software applications both at the server level and end user level. But what makes XBRL so unique as a way of sharing information? XBRL could be described as the computer language for electronic communication of internal and external business and financial information. XBRL is unique because it works across technology platforms and is application neutral. XBRL can be imported and exported by a variety of centralized and end user software applications including the ubiquitous Microsoft Office applications. XBRL is also easily sharable across the internet. XBRL replaces ma
XBRL is an emerging finance technology for sharing business and financial information between software applications both at the server level and end user level. But what makes XBRL so unique as a way of sharing information? XBRL could be described as the computer language for electronic communication of internal and external business and financial information. XBRL is unique because it works across technology platforms and is application neutral. XBRL can be imported and exported by a variety of centralized and end user software applications including the ubiquitous Microsoft Office applications. XBRL is also easily sharable across the internet. XBRL replaces ma
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