Topic _5 Summary - To: Dr. Tidrick From: Tom Kilinski, Dan...

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To: Dr. Tidrick From: Tom Kilinski, Dan Kohlin, Jeremy Van Denack Date: March 1, 2011 Subject: Executive Summary on XBRL Origins of XBRL Extensible Business Reporting Language (XBRL) began gaining popularity in 1998 with the creation of XBRL International, a group of business leaders; and professional associations and agencies; dedicated to creating a common form for reporting financial data online. XBRL is based off of Extensible Markup Language (XML). How XBRL Works The basic concepts behind XBRL are quite simple. The core that builds XBRL reports are called taxonomies, which are “tags” that can be applied to elements of financial reports. For example, a tag called “inventory” can be applied to the inventory section of the balance sheet. Details, including a brief description of the element, what balance (debit or credit) it has, and what principle was followed for valuation, can be added to the tag. XBRL in the US Each country that is affiliated with XBRL International has a national group that incorporates their accounting standards into the taxonomies. For the U.S., that group is called XBRL US. XBRL US use to be a committee under the AICPA, but broke off as a separate entity in 2006. Some members of XBRL US include the AICPA, the FAF, the Big Four, many of the larger mid-tier public accounting firms, and Google. Recently, XBRL has become more important for financial reporting in the U.S.
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This note was uploaded on 04/22/2011 for the course ACCY 360 taught by Professor T during the Spring '08 term at Northern Illinois University.

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Topic _5 Summary - To: Dr. Tidrick From: Tom Kilinski, Dan...

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