Mark, chief financial officer (CFO) of iElectronics, and Brittany, chief information officer (CIO), would like to take advantage of XBRL technology for their company financial and accounting functions. They are both agreed that the company has several financial companies’ reporting problems. They have prepared the following list of problems:
■ The Security and Exchange Commission (SEC) reports have been late for the past 2 years.
■ Their international subsidiaries in Canada and Mexico have been late sending their monthly closing information to the company’s headquarters in St. Louis, Missouri.
■ Their internal reports regarding key performance indicators (KPI) are also late and sometimes inaccurate.
■ The company’s reported financial data is not detailed enough for the company’s analysts.
IT department programmers have been able to use XML to help the financial department, but the result is not satisfactory.
You have learned about XBRL in your accounting information course and have recently attended an XBRL workshop. Mark and Brittany are very excited to learn about the XBRL possibilities for helping iElectronics. In the last Friday meeting, Brittany asked, “So, what is XBRL and how could it help us?” After a brief explanation, you added that XBRL uses XML data tags plus some additional tags to describe financial statements. You assured them that XBRL could solve the company’s reporting problems.
“How is that possible?” asked Mark. You responded that you would be more than happy to prepare a presentation for the next meeting, providing more information about XBRL and explaining how it could provide assistance to the iElectronics reporting and financial data exchange. “OK, this sounds great,” responded Mark. Brittany asked you to include in your presentation the following topics:
a. What is XBRL?
b. How does it relate to XML?
c. What are integrated and bolt-on tagging?
d. How could XBRL solve the listed problems?
e. What are the advantages to iElectronics of adopting XBRL?
Prepare a summary that includes answers to Brittany’s questions.
What is XBRL?
Who uses XBRL?
Where is XBRL used?
Why use XBRL?
When is XBRL used?
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