XBRL - Research Paper Example

Comments (0) Cite this document
Summary
What is XBRL and how does it work? XBRL or eXtensible Business Reporting Language is open, freely available and global standard for business information exchange. It is a technology platform that allows preparing, analyzing and exchanging of business information…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.3% of users find it useful
XBRL Research Paper
Read TextPreview

Extract of sample "XBRL"

Download file to see previous pages It allows semantic meaning that is required for reporting financial and non financial information of businesses. This technology uses XML based language. The main objective of XBRL is to prepare and exchange financial information for further usage of it like analysis of financial information for investment decision making. It is a standard way to communicate with the stakeholders of the businesses through sharing financial information. Specification of standardization of information is developed and published by XBRL International Inc. The information on the XBRL platform can be freely downloaded especially the financial statements can be downloaded as spreadsheet format so that it can be easily used for further analysis (AICPA. 2012, p.1). The information will also be available in multiple languages to meet the purpose of mass target audiences. The professional users of financial statements of business like the security analysts can analyze the company’s financial information by comparing with other competitors very easily. This will be assist by getting automating filling of business information which can be easily compared with the previous financial figures. Again this helps analysts to increase speed along with high level of accuracy of data. The XBRL platform also provides the relevant definition of each reporting concepts and the relationship among various financial parameters and reporting concepts. XBRL facilitates the preparers of financial information of the companies to utilize freely accessible software to tag quarterly and annual financial information within taxonomy. This information is accomplished in an Instance Document that can be easily accessible by the target audiences. This information can be electronically exchanged and also can be validated in computers and also can be readable by the users from any part of the world. XBRL has published guideline for the users in its websites to help the preparers of financial statements (FFIEC, 2006, p.2). What information is required to be provided in XBRL? Requirement of information XBRL has been revised but there is no major change in the basic format of disclosed information in the periodic report or registration statement for new XBRL requirement. One minor change is that the companies have to provide financial statements along with the statement schedule and footnotes. The companies do not need to provide information about executive compensation and statistical disclosure of financial performance in a specific financial year. The companies must have to provide quarterly earnings reports, transition reports and annual reports. XBRL wants to extend the contents of Form 8K which will be revised and updated version of the previous financial statements of the companies duly filled with only SEC. XBRL also needs registration statement of limited security act which will update information about change of price range at the time submitting quarterly or annual financial report by the companies. Previously the companies need to provide amended at each time of filling in XBRL platform. For merger and acquisition of business registered with XBRL, it needs the detailed information of revised financial structure of the company and details of the acquisition value. XBRL data need registration statement of securities act which must include financial statements like Form S1 and Form S3. This incorporates the financial information provided by the company (SEC, 2009, p.23). What are the perceived benefits of XBRL? Are there any risks and/or drawbacks? XBRL is perceived to be beneficial for both the preparers and the users of financial statements. Financial analysts, regulatory bodies and investors gain more efficient and faster access financial data. This information ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“XBRL Research Paper Example | Topics and Well Written Essays - 1250 words”, n.d.)
XBRL Research Paper Example | Topics and Well Written Essays - 1250 words. Retrieved from https://studentshare.org/finance-accounting/1460558-xbrl-research-paper
(XBRL Research Paper Example | Topics and Well Written Essays - 1250 Words)
XBRL Research Paper Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/finance-accounting/1460558-xbrl-research-paper.
“XBRL Research Paper Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/finance-accounting/1460558-xbrl-research-paper.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF XBRL Research Paper

Finance and Accounting Research Paper: Continuous Auditing

...is included in this important exercise of the continuous auditing is to ensure that the system in place for the use of continuous auditing is protected against the management and auditor benchmarks (Basu 56). Another very vital element of continuous auditing is the continuous reporting which ensures that both the financial and the non financial information are constantly and continuously, in a regular basis, released on an almost real time basis. It aims to make it possible for the external parties to have access to the information as the events unfold instead of waiting for the reports at the end of the period. Many companies have adopted XBRL which enhances the feasibility of the release of the information. There are...
15 Pages(3750 words)Research Paper

EXtensible Business Reporting Language

...?Extensible Business Reporting Language Introduction In the contemporary technology savvy world, the need fora more interactive information sharing tool has grown immensely. Extensible Business Reporting Language (XBRL) refers to computer language that was developed to facilitate electronic communication business as well as financial data. XBRL was meant to be a replacement of common conventional ASCII or HTML. It was aimed at homogenizing the computerization of business intelligence. XBRL is administered by XBRL, which is a non-profit institution and requires no licensing fee. It is an open-standard. Currently, the SEC requires that all companies should utilize the...
4 Pages(1000 words)Research Paper

Tools for Accounting

...? Tools for Accounting Accounting is one profession that is extensively in demand in the growing economies of the world today. This profession with the passage of time has come into the need of different innovations that assist this profession from different aspect. Like all professionals, accountants rely on various tools to help them perform various accounting tasks. Looking back at the history of the accounting profession, it can be said that the types of tools used for accounting have increased in number as well as they have become sophisticated with developing business markets and their implementation is becoming complicated. This brief paper will highlight and discuss the use of a current technology XBRL for...
4 Pages(1000 words)Research Paper

Autism Spectrum Dissorders: Theory and Practice

...Autism Spectrum Disorders: Theory and Practice In this work we discuss the case of Ali, a teenager with Aspergers syndrome. Alis parents are concerned about several issues regarding Alis educational performance, social development, and further professional life. We are going to present different strategies, proposed by psychologists and theorists in the field, which may be helpful for Ali and her parents. Autism Spectrum Disorders: Theory and Practice Asperger’s syndrome, originally described by an Austrian paediatrician Hans Asperger in 1944, has recently been classified as an autism spectrum disorder (Attwood, 2007). Depending on the degree and severity of the disorder, Asperger’s syndrome can involve a variety of characteristics... Spectrum...
13 Pages(3250 words)Essay

Accounting

..., will aid in the further integration of technology into all aspects of accounting on a regular basis. This is referred to as pervasive computing (Office of Technology Assessment 270). With this pervasive computing, accountants will utilize mobile devices in order to access applications that are cloud based, data and communications. The connectivity will aid accountants to work more efficiently and exchange information more effectively with clients. Accountants will also gain access to business intelligence that is more robust through improved data analysis tools. For example, new tools will most likely use XBRL and XML tags, large databases, and algorithms that are more complicated in order to analyze the financial activity... Accounting...
3 Pages(750 words)Research Paper

Contemporary Latino Narrative Film

... Contemporary Latino Narrative Film Motorcycle Diaries Introduction Motorcycle Diaries is a Spanish film about one of the most revolutionary characters in world history, Arnesto Che Guevara. The film depicts Guevara as a young man who experiences a life-changing event when in travels across his own country. Guevara start on the journey with his friend, Granardo and seeing the miseries of the communist around him, his ideologies begin to change (Ching, Buckley and Lozano- Alonso, 247). This paper is an attempt to analyze the movie with respect to this transformation. This paper will analyze how the director narrates the stories and uses different devices to help support his narration. The paper will finally present a critical analysis... Contemporary...
6 Pages(1500 words)Research Paper

Discuss how Benedicts work developed Boas vision of anthropology and whether it also represented a new direction in American anthropology

...How Benedict’s work developed Boas’ vision of anthropology Introduction With regard to ical anthropology, the of Margret mead is very synonymous with it but Benedict is the most respected in the field. There are however a number of anthropologist that dismiss Benedict as the old remnants of culture and personality but the school of anthropology has assumed that and continue to advance her work. Ruth just like Boas was convicted that culture is a result of human choices and has got nothing to do with cultural determination. Her research touches on many races European and Asian societies, American Indians, and many others (Benedict & Mead 1977). This paper will explore what culture could have given Benedict a true sense of all this cultures... . The...
9 Pages(2250 words)Essay

Discipline Profile of the Field of Accounting

...’, ‘liabilities’, assets’, balance sheet’, ‘financial reports’ among others, creates a meaning which is only specific to business persons and the accounting field. In Meta language used in accounting, less importance is given to explanation or definitions (Pasternak, 2011). Extensive Business Reporting Language (XBRL) is a recent Meta language which has been introduced in the field of accounting. The new language seeks to improve the field of accounting by developing a customizable and standardized digital demonstration of accounting aspects such as data extracts, business reports, tax returns and financial statements. This language is an integral part of the accounting profession as it is being integrated in the...
3 Pages(750 words)Research Paper

Economic devlopment in tanzania and oman

...in Tanzania Professor Samuel Wangwe is an economist and economic advisor to the government of Tanzania, as well as a policy researcher who has played a role in several organizations. He is a presiding member of the Independent Monitoring Group (IMG), a body that is responsible for supervising the partnership of the government of Tanzania and donors. The chapter, therefore, reviews the challenges and the improvements that the government has gone through altogether and provides an insight as to the suggested course of action that will suit the government of Tanzania at best. Wangwe gives a brief background information regarding the history of Tanzania economically. The government officials developed strategic reforms basing on the...
7 Pages(1750 words)Essay

Effects of emerging technologies in Accounting Information Systems- focusing on XBRL

...of the of the Number XBRL Technology in Accounting Information System Introduction The development in technology has facilitated companies to produce and use accounting information systems. For enhancing the financial reporting process, an open and free standard specifically XBRL based on XML is prepared through compliance with the accounting guidelines (Baldwin, Amelia and Trinkle 1-24). XBRL (extensible business reporting language) is an XML (extensible markup language) supported standard for the electronic communication of accounting and business information. The primary objective of XBRL is to ease the preparation, publishing, exchange and analysis of financial...
10 Pages(2500 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic XBRL Research Paper for FREE!

Contact Us