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AIS_Wk9Discussion - general ledger transactions and...

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Week 09 Discussion - XBRL The development of XBRL has allowed businesses to communicate the content of financial data in a more efficient manner. This has closed a gap for reporting information to external users. Unfortunately, many of these users do not feel this is enough. These users feel they should have access to the entire general ledger, not just the XBRL-tagged reports. Do you feel that companies should allow this additional access to external users? What would be the advantages and disadvantages to both the users and the company? Explain. XBRL allows software vendors, programmers and end users the ability to enhance the creation, exchange, and comparison of business reporting information. Business reporting information includes the following: financial statements, financial information, non-financial information,
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Unformatted text preview: general ledger transactions, and regulatory filings (such as annual and quarterly financial statements). More specifically, XBRL requires users to provide a range of attributes along with a specific fact to place that fact in time and to associate it with a specific reporting. These particular pieces of associated information or fact attributes are generally useful when using business reports. By allowing the additional access to external users, it will allow them to save a considerable amount of time and uncertainty when they are trying to extract information from the electronic reports produced by a business in which they do or might have an interest or investment in....
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