Here is the synopsis of our sample research paper on EXTENSIBLE BUSINESS REPORTING LANGUAGE AND ACCOUNTING. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 3-page paper focuses on XBRL coding and reporting, and its impact on financial reporting and accounting. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTxbrlacct.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
that is fast becoming a common way to communicate on the Net is Extensible Business Reporting Language, or XBRL. XBRL is considered
the "language for the electronic communication of business and financial data" (An Introduction to XBRL, 2010). Basically, XBRL is a code that is specifically geared toward numbers, calculations and other
types of financial data. The language, which is an open standard (in other words, adaptable by coders and programmers), is free of license
fees and allows businesses to obtain greater accuracy and reliability when it comes to supplying and/or using financial data (An Introduction to XBRL, 2010). This means that almost any company
that is interested can adapt its systems to report in XBRL. The code itself is the result of a consortium of 450 companies that banded together to try to determine
an easier way of transmitting financial information across the Internet. Many companies these days rely on the code for transmitting information, though no one, as of now, is required to
use it. XBRL works somewhat differently than standard XML or HTML coding. Instead of treating financial information like a block of text
(as a standard Internet page might), XBRL provides a tag to identify each individual item of data, that is computer-readable (An Introduction to XBRL, 2010). For example, revenue might be
one tag, fixed assets another tag, and liabilities still another type of tag. These tags mean that business information can be automatically processed by almost any kind of computer software
(An Introduction to XBRL, 2010). This cuts down on having to re-enter information manually (An Introduction to XBRL, 2010). This can help accountants and other financial reporters save a great
...