Business Finance
Anderson Manufacturing (XBRL-enabled Software)

Question Description

XBRL is used in reporting on the Internet, and it has implications for financial reporting. Complete the requirements for Chapter 2, Case Analysis 2-31 (Anderson Manufacturing - XBRL-enabled software), on p. 64 of the textbook Simkin, M. G. (2015). Core Concepts of Accounting Information Systems, 13th Edition.


The Anderson Manufacturing Company (AMC) is located in Las Vegas, Nevada, and manufactures specialty parts for high-end sports cars. The company currently has an accounting information system, but over time, has found that it would like its system to do more. For example, the finance department finds an increasing need for reporting financial data about the company in alternate report formats that the current system cannot perform. Rather than revise its existing accounting system piecewise, the company’s managers have begun to think about acquiring a new one. But which one? There are many packages available with various degrees of capability. To help it make a decision, AMC hires Kuechler Associates, a consulting firm that specializes in software acquisitions and implementation. One of KA’s areas of expertise is implementing ERPs. One of its suggestions is that AMC consider selecting XBRL-enabled software to help it with its financial reporting needs.

Requirements

1. What does it mean when software is “XBRL-enabled?”

2. Identify at least five advantages that KA might discuss with the company regarding an XBRLenabled software solution. Identify any disadvantages that might also be relevant for AMC.

3. Assume that you are KA’s research assistant. Draft a memo to AMC that explains how XBRL works. Remember to keep in mind your audience. This should be an executive-level piece of correspondence.

4. As the research assistant, develop a PowerPoint presentation for AMC explaining exactly what benefits it could realize with an XBRL-enabled software solution. Be creative, and use diagrams and examples where appropriate.

Unformatted Attachment Preview

Unit 6 [AC550: Accounting Information Systems] Unit 6 Assignment XBRL is used in reporting on the Internet, and it has implications for financial reporting. Complete the requirements for Chapter 2, Case Analysis 2-31 (Anderson Manufacturing - XBRL-enabled software), on p. 64 of the textbook and submit via the course Dropbox by the final day of the unit (i.e., Tuesday midnight). Your deliverable needs to clearly identify each of the requirements and your respective answers. Directions for Submitting your Assignment Compose your Assignment in a Microsoft Word document and save it as Username AC550 Assignment Unit 6.doc (Example: TAllen AC550 Assignment Unit 6.doc). Submit your file by selecting the Unit 6: Assignment Dropbox by the end of Unit 6. Unit 6 Assignment Rubric Assignment Criteria Points Possible 0–24 Content and Focus: Main Elements Analysis includes the main sections and requirements of the case; responds to questions in the assigned case. 0–24 Analysis and Critical Thinking Provides in-depth analysis that demonstrates understanding of accounting information systems concepts; related course concepts are correctly applied. 0–12 Writing & Research (Mechanics/Citations) Complies with APA organization, grammar and style; incorporates scholarly resources and citations; Responses must adhere to the following formatting guidelines: Microsoft Word document or appropriate reporting application specified in the Assignment, double spacing, 12-point Times New Roman or Arial font, 1 inch margins, APA in-text citations and an APA reference list. Page length requirements: 1-3 pages, not counting title page and reference list page. Total for Case Analysis Assignment 0 - 60 Points Earned by Student ...
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