xbrlInfo-1 - A CG 5405 Introduction to XBRL What is a...

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ACG 5405 Introduction to XBRL
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What is a Supply Chain?
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Financial Reporting Supply Chain Who’s in the Supply Chain? all stages of the preparation, approval, audit, analysis, and use of financial reports. Participants in the financial reporting supply chain include: accountants working within organizations, company management, boards of directors, audit committees, outside auditors, standard setters, regulators, investment bankers, lawyers, credit rating agencies, investors, and others.
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The International Federation of Accountants Financial Reporting Supply Chain Survey Results (2007): Financial Reports have become less useful Complexity Burdens of Compliance cause "the essence of the business" to be overlooked. XBRL could be a useful tool to help them find and interpret financial reporting information ,although there was a low level of understanding about how XBRL exactly works. Regulators were the most positive respondents about the use of XBRL auditors and users also considered that having information presented using XBRL would be useful.
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XBRL A tool to create efficiency in the Financial Reporting Supply Chain But First. .....
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Networks and Connectivity What is the primary problem with networking/ connectivity? Software applications that do not understand each other … therefore special interfaces must be And humans have different understandings and views of data and information produced by the applications
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Electronic Data Interchange (EDI) Computer-Computer Exchange of Data Business Data Direct processing Standardized ANSI X12 US and Canada EDIFACT International
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EDI Components
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Electronic Data Interchange Set EDI Service Bureau
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XML in Business What if you need to move information from one business application to another within your organization? What if you have data in a number of different databases that you frequently need to integrate, compare, share internally? What if you need to share information with trading partners & others outside your organization? XML provides the necessary rules, syntax & structure to make it possible!
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XML How can you appropriately structure information There are 2 parts to the solution: 1) Metadata – adding data about the data … data that gives the data more meaning Tags that give meaning to the Data 2) Agreement on structure of the data being shared … an agreed upon vocabulary defining the rules the metadata must follow Taxonomies create this structure In addition, the solution must be general enough to be able to be applied universally!
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Metadata – Data about data - Flickr Flickr
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What is this – Untagged Data 801482196 Stipend Base 400 2008-03-18 02:56:32
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xbrlInfo-1 - A CG 5405 Introduction to XBRL What is a...

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