Essentials of XBRL: Financial Reporting in the 21st Century by Bryan Bergeron

By Bryan Bergeron

Presents an entire review of what XBRL is and the way businesses can use it successfully.

  • Explains the advantages of XBRL to company executives (CEOs, CFOs).
  • Written in nontechnical language that monetary managers can understand.
  • Provides quite a few examples and illustrations.

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Additional resources for Essentials of XBRL: Financial Reporting in the 21st Century

Sample text

However, when the value is tagged with “Payroll,” it becomes information, in that it can be analyzed more readily in the context of business reporting. Analysis in the context of the state tax rules reveals an even richer context (metadata). A senior manager who is aware of the tax laws in other states is aware of the tax rate relative to other states (knowledge). In other words, knowledge is a form of human awareness based on heuristics or rules of thumb that provide contextual information. The distinction among data, information, and metadata will become more important in the discussion of process in Chapter 4.

The firm provides ATI with access to locally maintained accounting 34 Oppor tunities software, which automatically updates a single XBRL document that serves the reporting needs of ATI’s management and the various reporting agencies. Furthermore, because updates to accounting rules can be communicated directly to CD & Associates from the Internal Revenue Service (IRS) and other government agencies, the firm can operate with fewer employees. The accountants take on much more of a consultative role, offering ATI management a variety of custom reports and the interpretation that suit its particular needs.

Information technology is in flux. The industry has witnessed several sweeping waves of change, from centralized, mainframe-based 24 Over view computing to PC (personal computer)-based distributed, clientserver computing, to web-based computing. Furthermore, each change has brought with it new business practices. For example, the electronic spreadsheet, made possible by the PC, revolutionized the accounting industry. It’s likely that the next wave of change, such as Grid computing, where computing power as well as data are distributed over a network, or wireless computing, which allows for real-time data collection from radio-frequency identification tags, will bring change to business practices.

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