ACCT 484 Lecture Notes - Lecture 28: Cognos, Check It Out! (Canadian Tv Series), Xbrl
11 Nov 2016
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Document Summary
Objectives: obtain an overview understanding of xbrl and its role in computerized financial and business operations reporting, understand key terms such as taxonomy, instance document, markup, and meta- Instance document: financial statement that has every value tagged data. Metadata: the entire data process: understand key aspects of sec filing program, understand the xml document foundation, describe differences between xml and ubl. What are the advantages of xbrl: reduced data manipulation, paperless reporting, industry-accepted standards, reduce accounting time, recognition by main software vendors, interchangeable data, comparison across companies. Brief history of xbrl: 2008 sec mandated, fazed in and by 2011 all sec companies had to file xbrl. Xbrl implementation at up: started reporting xbrl documents to the sec in 2008, continued to use our existing financial reporting software (ibm, tagging is done internally, lost limited liability status in 2011, self-imposed deloitte audit in 2012. Why file xbrl: accessibility/comparability, accountability, fraud. Error checks: validation, xbrl cloud error check.
