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study on xbrl implementa

study on xbrl implementa

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Study Guide

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Nffvtazragrkcreg96

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SIESCOMS

Important Glossary

1 PDF- Portable Document Format

2 HTML- Hypertext Markup Languages

3 AICPA- American Institute of Certified Public Accountants

4 XML- extensible Mark-up Language

5 GAAP US - Generally Accepted Accounting Principles

6 IFRS - International Financial Reporting Standards

7 MCA - Ministry of Corporate Affairs

8 SEC- Securities and Exchange Commission

9 FDIC- Federal Deposit Insurance Corporation

10 ICAI- Institute of Chartered Accountants of India

11 IASB- International Accounting Standards Board

12 C & I Taxonomy- Commercial & Industrial Taxonomy

13 HRMC- HM Revenue & Customs

14 FFIEC- Federal Financial Institutions Examination Council

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SIESCOMS

Study objective

In today’s business climate, all businesses are being bombarded with requests to provide

more detailed, more rigorously defined and a wider variety of information-yet most business are

not equipped to deliver it. The pressure on business and regulatory agencies to capture, exchange,

and analyze data is also growing rapidly.

For business to comply with these regulatory requests, they must collect and monitor more

detailed information and report them on a more frequent basis. Governments and regulators

requesting this information must also implement sophisticated systems to capture, process and

analyze massive amounts of information from thousands (in some jurisdictions millions) of fillers.

This information must be accurate, complete and consistent allowing regulatory organizations to

quickly asses, consolidate analyze and act on these monthly, quarterly or annual filing.

A financial data exchange standard was needed to ensure that information is being

consistently reporting across organizations add to the satisfaction of a variety of regulatory bodies.

Enter XBRL established in 1999, an open source XML language developed to define and exchange

business and financial information. It promises to help achieve corporate and regulators goals for

quick and automated analysis of larger amounts of information thus reducing the time, cost, and

errors involved in business reporting processes.

XBRL provides an exciting opportunity to finance professionals in the following fields:

a. Compliance with the MCA Regulatory environment;

b. Impact assessment of XBRL on Management Information Systems;

c. Designing extension Taxonomies; and

d. Mapping (Tagging) line items in accounts masters with the XBRL Taxonomy.

e. Certification of XBRL Financial Statements

Being finance student motivated me to explore this revolutionary language in financial

statement preparation. Even though XBRL adoption debate has been going on for over a decade

now with as many detractors as there are proponents across the world, this effect cannot be

understated. Each group is steadfast in their position, citing the many advantage or disadvantage

of XBRL, in support for their position. Hence I choose to study on this subject as a part of my

capstone project, to leverage from the findings.

Executive summary

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Important Glossary 1 PDF- Portable Document Format 2 HTML- Hypertext Markup Languages 3 AICPA- American Institute of Certified Public Accountants 4 XML- extensible Mark-up Language 5 GAAP US - Generally Accepted Accounting Principles 6 IFRS - International Financial Reporting Standards 7 MCA - Ministry of Corporate Affairs 8 SEC- Securities and Exchange Commission 9 FDIC- Federal Deposit Insurance Corporation 10 ICAI- Institute of Chartered Accountants of India 11 IASB- International Accounting Standards Board 12 C & I Taxonomy- Commercial & Industrial Taxonomy 13 HRMC- HM Revenue & Customs 14 FFIEC- Federal Financial Institutions Examination Council Study objective In today’s business climate, all businesses are being bombarded with requests to provide more detailed, more rigorously defined and a wider variety of information-yet most business are not equipped to deliver it. The pressure on business and regulatory agencies to capture, exchange, and analyze data is also growing rapidly. For business to comply with these regulatory requests, they must collect and monitor more detailed information and report them on a more frequent basis. Governments and regulators requesting this information must also implement sophisticated systems to capture, process and analyze massive amounts of information from thousands (in some jurisdictions millions) of fillers. This information must be accurate, complete and consistent allowing regulatory organizati ...
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