...| Literature Review of XBRL | | | | | Group 14： | | | Literature Review of XBRL ------------------------------------------------- Z Abstract XBRL (eXtensible Business Reporting Language) is a standard XML reporting language to enhance the efficiency, reliability and accuracy of financial reporting. Since its foundation in 1998, XBRL has been developing rapidly in the world. This paper teases out and discusses the literature researches of XBRL from 6 aspects: the production bases of XBRL, the effect of XBRL, the classification criteria formulation of XBRL, the auditing assurance of financial reports based on XBRL, the implementation of XBRL in different countries and some researches about XBRL in China, which reflects the current status of research about XBRL relatively fully. ------------------------------------------------- Keywords: XBRL, Auditing assurance, Classification criteria 1. Introduction XBRL is one variant of XML (eXtensible Markup Language) for business reporting. XBRL defines financial data on the web with explicit semantics in a machine-readable format, making automated data analysis possible. XBRL is a standard XML reporting language to enhance the efficiency, reliability and accuracy of financial reporting. Data in XBRL format does not need to be converted from one application to another because data are independent of applications by using standard tags for data items (Farewell, 2006). The financial information is presented to the public on...
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...IRS Adoption of XBRL Table of Contents Introduction 3 Interactive Data 3 A Common Standard 3 Multi-lingual Feature 4 XBRL GL 4 Benefits 5 Accuracy 5 Traceability 5 Predictability 6 Obstacles 6 Around the World 7 HMRC iXBRL 7 Netherlands Taxonomy Project 7 Standard Business Reporting 8 Partners 8 Conclusion 9 Reference List 10 Introduction eXtensible Business Reporting Language (XBRL), the standard for electronic communication of business data has grown to become an integral part of business reporting today. The Securities & Exchange Commission’s (SEC) XBRL mandate began in 2009, requiring all public companies to submit financial statements in XBRL format (United States Securities and Exchange Commission, 2011). The Federal Deposit Insurance Corporation (FDIC) has used the standard since 2005. The Internal Revenue Service (IRS) is the latest of these immense government agencies to flirt with idea of implementing a XBRL mandate. The purpose of this paper is to briefly (1) explore why XBRL is the preferred standard, (2) shed light on the exploratory phase that the IRS has entered and the benefits to be gained from the new standard as well as the obstacles that lie ahead, (3) look at what the rest of the world is doing, and finally (4) look at the inevitability of an IRS adoption of XBRL. Interactive Data Unlike commercial accounting information systems, tax returns printed on paper forms and information...
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...XBRL: ISSUES AND CHALLENGES Erlane K Ghani and Kamaruzzaman Muhammad Throughout the world, a number of key regulators are advocating the need of Extensible Business Reporting Language (XBRL) and trumpeting this tool to be digitalising the financial information value chain thus bringing huge benefits to all relevant parties. Many companies in the world have started to prepare XBRL-based financial reports and the momentum of such practice is growing rapidly (Kernan, 2008). Similar to other countries, Malaysian regulators have also seen the need of adopting XBRL for all companies as a necessity to improve financial reporting. XBRL is seen to assist relevant parties in achieving the objectives of accounting framework in terms of relevance, consistency, timeliness and accuracy. The parties involves in the preparation and the usage of financial information such as the regulators, preparers, users as well as the auditors would have greater access to the financial information via XBRL since XBRL use the Internet as the medium of communication and transmission of information. Due to the greater hyped of XBRL, the Companies Commission of Malaysia (SSM) have set to fully implement XBRL upon completion of a five-year XBRL initiatives initiated by Malaysia’s Registrar of Companies developed under its Strategic Direction Plan II. SSM plans to implement XBRL-based financial reporting in phases starting with listed companies, their subsidiaries and non listed companies followed by private...
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...accounting data going directly into the necessary databases. The concept of a paper trail has become a bit of a misnomer; today, because of accounting information systems, there is often no paper involved at all; however, it is important to establish the flow the data in different areas of the organization, or audit trail, so as to properly exercise internal controls. AISs help in this purpose. At the outset of this course, you will learn the basics of accounting information systems and business processes. Next, you will learn about database management systems, and the design of various database models. Finally, you will learn about how to use internal controls effectively for risk management, as well as the requirements for business reporting. After completing this course, you should not only have a clear idea of how accounting information systems work, but you should also be prepared to design and configure them to meet the record-keeping and risk management requirements of the organization. In addition, you will be prepared to design them to meet legal obligations—such as those defined in the United States’ Sarbanes-Oxley Act of 2002—as well as ethical obligations. LEARNING OUTCOMES: A. Develop a conceptual knowledge of the nature and functionality of an accounting information system and systems in general (Module 1). B. Explain how an accounting system captures business events,...
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...choices and future carrier and my professor Mr. Parmantier who helped me complete this dissertation. F inally, I would like to express my gratitude to Mrs. Jalabert, SBM MONACO Finance Director for her time spent answering my questionnaire. 2 MSC IS&BCFinancial SYSTEMS FUTURE Challenges in growing complex environment DISS Glossary BI: Business Intelligence BSC: Balanced Scorecard CFO: Chief Financial Officer CPI: Cost Performance Indicator CPM: Corporate Performance Management CR: Corporate Reporting CRM: Customer Relationship Management EPM: Enterprise Performance Management ERP: Enterprise Resource Planning FASB: Financial Accounting Standard Boards IASB: International Accounting Standard Board IFRS: International Financial Reporting Standards IIAA: International Institute for Analytics IIRC: International Integrated Reporting Council IT: Information Technology ICR: Integrated Corporate Reporting KPI: Key Performance Indicator ROI: Return On Investment SAP HANA: In-memory...
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...Claudine Perez ACC 340 Final Examination 1. The essential steps in performing a systems study are (in order of occurrence): a) Analysis, design, implementation and initial operation, follow-up b) Design, planning, follow-up, analysis, and implementation c) Planning, system specification, analysis, production, implementation d) Planning, analysis, design, implementation, and follow-up 2. Which of the following is intended to solve the problem that financial data used in one application is not easily transferable to other applications? a) XMP b) ERP c) XBRL d) XMLP 3. Information systems auditors are: a) Auditors who are concerned with analyzing risks associated with computerized information systems b) Individuals who often work closely with financial auditors c) Auditors who have a lot of technical expertise related to information technology d) all of the above 4. Which of the following is not an ability of client/server computing? a) Alter data stored elsewhere on the network b) Process a transaction that may affect data stored on both client and server computers c) Query or manipulate the warehoused data on the server d) Increased networking capabilities between different file formats on multiple systems 5. Software that enables businesses and government agencies to transmit and manipulate financial data...
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...Audit Committee Material Weaknesses in Smaller Reporting Companies December 2nd, 2010 OUTLINE: I. SUMMARY OF THE ARTICLE II. PROBLEM STATEMENT III. SUGGESTIONS FROM THE AUTHORS IV. RELEVANCE TO AUDITING ENVIRONMENT V. CONCLUSION I. Summary of the Article This report summarizes the article published by Gramling, Audrey A, Hermanson, Dana R, Hermanson, Heather M in the CPA journal of 2009. The main focus of the article is to show the importance of audit committee in auditing and analyze problems of small companies face in developing effective audit committee. The critical issue of the article is material weaknesses related to audit committee and possibility of management’s override of internal control within small companies. Before, the Sarbanes-Oxley Act, audit committees in public companies were under more pressure to understand not just a company's financial statements, but to challenge management and auditors on key accounting, internal control and compliance issues. After the financial scandals that caused firms like Enron and WorldCom to collapse, audit committees have risen from relative darkness to center stage in modern corporate world. As it’s indicated in the article, the new role, the typical audit committee is charged with many duties. Because new role of audit committee increased complexity and accountability, it's easy for directors of small public companies to feel besieged when...
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...CORE CONCEPTS OF Accounting Information Systems Twelfth Edition Mark G. Simkin, Ph.D. Professor Department of Accounting and Information Systems University of Nevada Jacob M. Rose, Ph.D. Professor Department of Accounting and Finance University of New Hampshire Carolyn Strand Norman, Ph.D., CPA Professor Department of Accounting Virginia Commonwealth University JOHN WILEY & SONS, INC. VICE PRESIDENT & PUBLISHER SENIOR ACQUISITIONS EDITOR PROJECT EDITOR ASSOCIATE EDITOR SENIOR EDITORIAL ASSISTANT PRODUCTION MANAGER PRODUCTION EDITOR MARKETING MANAGER CREATIVE DIRECTOR SENIOR DESIGNER PRODUCTION MANAGEMENT SERVICES SENIOR ILLUSTRATION EDITOR PHOTO EDITOR MEDIA EDITOR COVER PHOTO George Hoffman Michael McDonald Brian Kamins Sarah Vernon Jacqueline Kepping Dorothy Sinclair Erin Bascom Karolina Zarychta Harry Nolan Wendy Lai Laserwords Maine Anna Melhorn Elle Wagner Greg Chaput Maciej Frolow/Brand X/Getty Images, Inc. This book was set in 10/12pt Garamond by Laserwords Private Limited, and printed and bound by RR Donnelley/Jefferson City. The cover was printed by RR Donnelley/Jefferson City. This book is printed on acid free paper. Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the...
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...Information Technology Public Policy and Technology Name SCHOOL DATE Information Technology: Public Policy and Technology The new U.S. president is counting on technology to help realize his key agenda items. Government policymakers and business leaders also need to consider foundational technology and public policy issues, such as privacy, identity, architecture and the impact of Web 2.0. E-Governments is the future of any nation and as soon as Government moves towards Internet, the internal operations will be faster. More and More Governments are moving towards cloud computing and Web 2.0 service to implement public policy today. The biggest challenge in this is data security and maintaining the integrity of the data. This is one of the most difficult and important task to do. This is the biggest challenge for the governments all over the world. The last time that research houses published a special report on how technology would affect public policy and vice versa in the U.S. was during the aftermath of the 2000 presidential election. That report led to other special reports on the relationship of technology and public policy in other parts of the world. In those reports, we were optimistic about the prospects of technology's enablement of the public policy, including streamlining government in much the same way that IT has helped to improve efficiency in the private sector, and the prospects for the public's involvement in rule making and legislation. Our predictions...
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...ACC203 ACCOUNTING INFORMATION SYSTEMS T0214 Section 1: General Information 1.1 Administrative details: |Associated HE Award(s) |Duration |Level |Subject Coordinator | | B Bus (Accg); B Bus (Mgt & Finance) |1 trimester |Level 2 | Richard Chang | | | | |richard@koi.edu.au | 1.2 Core / elective: This is a core subject for B Bus (Accg) and an elective subject for B Bus (Mgt & Fin) 1.3 Subject/unit weighting: Indicated below is the weighting of this subject/unit and the total course points. |Subject Credit Points |Total Course Credit Points | | 4 |BBus(Accg) 96; BBus (Mgt & Finance) 96 | 1.4 Student workload: Indicated below is the expected student workload per week for this subject/unit: |No. timetabled hours/week* |No. personal study hours/week** |Total workload hours/week*** | |4 hours/week |5 hours/week |9 hours/week | |2 hour Lecture + 2 hour Tutorial...
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...Financial Accounting (ACCT 3200) • M-W-F 2:30-4:20 in AE 208 • Important Dates – – – – – Intermediate Financial Accounting Friday May 13, 2016 – First Midterm (25% of grade) Monday May 23, 2016 – No class Friday May 27, 2016 – final date to withdraw Friday June 3, 2016 – Second Midterm (25% of grade) Friday June 17, 2016 – Final Exam (1:30-4:30) (45% of grade) • Quizzes will be announced the class prior Copyright © John Wiley & Sons Canada, Ltd. 1 Copyright © John Wiley & Sons Canada, Ltd. Welcome! Welcome! A little about me… 2 A little about YOU!… Copyright © John Wiley & Sons Canada, Ltd. 3 Copyright © John Wiley & Sons Canada, Ltd. 4 1 09/05/2016 INTERMEDIATE ACCOUNTING How to be successful in this class TENTH CANADIAN EDITION Kieso • Weygandt • Warfield • Young • Wiecek • McConomy • This is a summer session class = quick • This is a 3rd year class = challenging – Quick + challenging = be organized • Do the assigned homework (min. 1:1) • Read the chapter beforehand • Come to class CHAPTER 1 The Canadian Financial Reporting Environment • Exams will have – Multiple choice & matching questions – Short answer questions – Problems – mini cases Prepared by: Dragan Stojanovic, CA 5 Copyright © John Wiley & Sons Canada, Ltd. As edited by Jeff Kent, CPA,CA M.B.A. The Canadian Financial Reporting Environment CHAPTER 1 The Canadian Financial Reporting Environment Financial Statements...
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...Sustainability Reporting on the Internet J. Emil Morhardt* Roberts Environmental Center, Claremont McKenna College, Claremont, CA, USA ABSTRACT All material related to environmental and social performance on the corporate internet sites of 454 Fortune Global 500 and Fortune 1000 companies in 25 industrial sectors was analyzed using the Pacific Sustainability Index. Maximum scores for individual sectors were 20–75 percent of the total possible, highest in the largest and most environmentally sensitive sectors and ranging generally linearly, as shown by plotting score versus rank, down to nearly zero in every sector. None of the variation in score is explained by corporate revenue in the Asian and European firms in this sample (revenues greater than about $9 billion), but there is a very weak correlation between score and revenue for American firms of this size, and a stronger one when Fortune 1000 companies (all American) with revenues smaller than this are included, suggesting that, as corporate size reaches a certain threshold, sustainability reporting becomes independent of it. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment. Received 18 November 2008; revised 26 April 2009; accepted 1 June 2009 Keywords: corporate environmental reporting; corporate environmental policy; corporate social reporting; corporate social policy; corporate internet reporting; sustainable development Introduction W ITH THE RISE IN INFLUENCE OF THE GLOBAL REPORTING INITIATIVE (GRI)...
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...outstanding common stock of Baked Beans Corp. (Baked Beans) in business combination * August 1, 2009 (acquisition date) – Allfoods paid $40M cash and issued 2 million shares of Allfoods common stock to selling shareholders of Baked Beans * All outstanding stock options granted to Baked Beans employees will be replaced with Allfoods stock options Determining Consideration Transferred: * August 1, 2009 – Allfoods acquired Baked Beans * Allfoods share price was $30 on announcement date * Allfoods share price was $35 on acquisition date * Allfoods would issue the selling shareholders an additional 1 million shares if Baked Beans revenues for 12-month period after acquisition were at least $150 M * Fair value of contingent consideration - $20 M as of acquisition date * Value of replacement stock option awards attributable to precombination services is $5M and postcombination services is $7M * Allfoods incurred $4M of acquisition related costs Fair Value of Assets Acquired and Liabilities Assumed: * Baked Beans owns manufacturing facility in CA comprised of: * Land and two buildings – could be rezoned into residential subdivision; management determined the fair value as residential property would be $30M * Machinery/Equipment – moveable equipment (sold separately) could be sold at auction for $2M * California facility (as acquired) – estimated worth is $36M * Land fair value for industrial purposes is $21M * Buildings...
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...You are exploring a webpage on www.juergendaum.com The new New Economy Analyst Report – June 08, 2002 Juergen Daum’s new New Economy Best Practice service ©2002-2005 Juergen Daum. All rights reserved. Performance Management Beyond Budgeting: Why you should consider it, How it works, and Who should contribute to make it happen. News categories: Enterprise and business strategy, Finance and accounting, Performance management and controlling, Information Technology by Juergen H. Daum Table of content: Intro Why should a company consider to move Beyond Budgeting ? How does the Beyond Budgeting model work ? Who should contribute to make it happen ? The Transition Route – Major success factors Summary Additional resources (updated Jan 2005) “Fixed budgets don’t work today. A budget is a too static instrument and locks managers into the past - Daum New! - visit J.H.D.'s Beyond Budgeting Info Center - including latest BB insight materials, interviews with BB pioneers etc. - here an extract: | J.D.'s insight article "Beyond Budgeting" | Interview with Lennart Francke, CFO of Svenska Handelsbanken | Panel Discussion with Borealis, Nestlé, and Unilever | Interview with Jeremy Hope – co-founder of the Beyond Budgeting Round Table | Interview with J.D. on finance and IT | Intro Three years ago I presented to a group of senior executives at the headquarters of a large U.S. based consumer products company with global operations the concept...
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...Revenue Recognition (Topic 605) An Amendment of the FASB Accounting Standards CodificationTM No. 2009-13 October 2009 Multiple-Deliverable Revenue Arrangements a consensus of the FASB Emerging Issues Task Force The FASB Accounting Standards CodificationTM is the single source of authoritative nongovernmental U.S. generally accepted accounting principles. An Accounting Standards Update is not authoritative; rather, it is a document that communicates the specific amendments that change the Accounting Standards Codification. It also provides other information to help a user of U.S. GAAP understand how and why U.S. GAAP is changing and when the changes will be effective. For additional copies of this Accounting Standards Update and information on applicable prices and discount rates contact: Order Department Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856-5116 Please ask for our Product Code No. ASU2009-13. FINANCIAL ACCOUNTING SERIES (ISSN 0885-9051) is published quarterly by the Financial Accounting Foundation. Periodicals postage paid at Norwalk, CT and at additional mailing offices. The full subscription rate is $230 per year. POSTMASTER: Send address changes to Financial Accounting Standards Board, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116. | No. 325 Copyright © 2009 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored...
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