Chapter 9 solutions

Chapter 9 solutions - Problem 2 Reading review problem a)...

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Problem 2 Reading review problem a) Explain how XBRL accomplishes the tasks described in the Wills and Saegesser quote. XBRL allows financial information professionals to “tag” data, providing some context for its interpretation. Basic taxonomies are provided in namespaces on the Internet; taxonomies can be extended as the need arises. XBRL tags are independent of specific hardware and software configurations. b) How are XBRL-tagged documents prepared? XBRL-tagged documents are most often prepared using tagging software, such as Dragon Tag or EDGAR Online I-Metrix. They can be tagged manually, but the process is time-consuming and prone to error. c) What internal control issues does the use of XBRL raise in accounting information systems? Using XBRL exposes organizations to at least the following risks: compromised data, tagging errors, hardware and software failure, inappropriate or missing authorizations and selection of an inappropriate taxonomy. Problem 7
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This note was uploaded on 03/19/2011 for the course ACC 304 taught by Professor Martin,r during the Winter '08 term at Cal Poly Pomona.

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Chapter 9 solutions - Problem 2 Reading review problem a)...

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