Topic _5 PPT - lenders, as well as key third parties such...

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Click to edit Master subtitle style 4/23/11 EXTENSIVE Business reporting language (Xbrl) Daniel Kohlin Jeremy Van Denack Tom Kilinski
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4/23/11 Introduction What is XBRL XBRL US Effects to Accountants and Auditors Benefits
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4/23/11 History of xbrL Being developed by XBRL International, an international not-for-profit group Began in 1998 Goal: Create a common form of online reporting for financial data Membership Companies: Professional services/consulting,
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4/23/11 How does it work Based off of Extensible Markup Language (XML) Taxonomies D Guidelines for classifying data and information Allows to “tag” a certain component such as revenues
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4/23/11 XBRL US Began as a committee of the AICPA Broke off onto its own in 2006 Works with the FASB to make taxonomies that adhere to US accounting principles
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4/23/11 Who benefits from xbrl: XBRL benefits all users of the financial information supply chain: public and private companies, the accounting profession, governments, regulators, analysts, the investment community, capital markets and
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Unformatted text preview: lenders, as well as key third parties such as 4/23/11 Benefits of XBRL for Accountants and Making it easier to obtain more rapid and reliable data on company financial performance. Greatly reducing effort and costs in gathering and analyzing data. Simplifying and automating tasks. 4/23/11 Making better use of software to improve efficiency and speed. "Live information. References are preserved Different style sheets and "controls can sort, expand, collapse and graph information. 4/23/11 Detriments of xbrl Getting companies to use XBRL Eliminating some jobs within a company Agreeing on one accepted taxonomy for all companies Costly to purchase the software and hire people that have the knowledge to maintain it 4/23/11 Application to the auditing profession 4/23/11 For more information: http://www.xbrl.org/Business/General/PwC-Co http://www.xbrl.org/Business/Regulators/FFIE http://www.xbrl.org/Business/General/Softwar http://xbrl.squarespace.com/journal/2010/8/21...
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Topic _5 PPT - lenders, as well as key third parties such...

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