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  • Financial Reporting System: XBRL - Reengineering The Financial Report

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    The document discusses financial reporting systems and requirements. It notes that management is responsible for providing stewardship information to external parties through financial reports like statements, tax returns, and SEC documents. These reports must be prepared and presented in a generally accepted manner so external users like stockholders and creditors can observe performance trends and comparisons. It then introduces XBRL (eXtensible Business Reporting Language) as a way to make financial reports digitally processable by tagging financial data with XML for automated analysis rather than just displaying it in HTML documents.

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    The document discusses financial reporting systems and requirements. It notes that management is responsible for providing stewardship information to external parties through financial reports like statements, tax returns, and SEC documents. These reports must be prepared and presented in a generally accepted manner so external users like stockholders and creditors can observe performance trends and comparisons. It then introduces XBRL (eXtensible Business Reporting Language) as a way to make financial reports digitally processable by tagging financial data with XML for automated analysis rather than just displaying it in HTML documents.

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    103 views2 pages

    Financial Reporting System: XBRL - Reengineering The Financial Report

    Uploaded by

    JP
    The document discusses financial reporting systems and requirements. It notes that management is responsible for providing stewardship information to external parties through financial reports like statements, tax returns, and SEC documents. These reports must be prepared and presented in a generally accepted manner so external users like stockholders and creditors can observe performance trends and comparisons. It then introduces XBRL (eXtensible Business Reporting Language) as a way to make financial reports digitally processable by tagging financial data with XML for automated analysis rather than just displaying it in HTML documents.

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    FINANCIAL REPORTING SYSTEM

    The law dictates management’s responsibility for providing stewardship


    information to external parties. This reporting obligation is met via the FRS. Much of the
    information provided takes the form of standard financial statements, tax returns, and
    documents required by regulatory agencies such as the Securities and Exchange
    Commission (SEC).

    The primary beneficiaries financial statement information are external users,


    such as stockholders, creditors, and government agencies. Generally speaking, outside
    users of information are interested in the performance of the organization as a whole.
    Subsequently, they require information that allows them to observe trends in
    performance over time and to make comparisons between different organizations.
    Given the nature of these needs, financial reporting information must be prepared and
    presented by all organizations in a manner that is generally accepted and understood
    by external users

    XBRL – Reengineering the Financial Report

    Online reporting of financial data has become a competitive necessity for publicly
    traded organizations. As of now, most associations achieve this by setting their financial
    statements and other financial reports on their respective Web sites as Hyper Text
    Markup Language1 (HTML) documents. These reports would then be able to be
    downloaded by clients like the SEC, financial analysts, and other interested parties. The
    HTML reports, however, cannot be conveniently processed through IT automation.
    Performing any analysis on the data contained in the reports requires them to be
    manually entered into the user’s information system.

    Extensive Markup Language (XML)

    XML is a metalanguage for describing markup languages. The term extensible


    means that any markup language can be created using XML. This includes the creation
    of markup languages capable of storing data in relational form in which tags are
    mapped to data values. Thus, XML can be used to model the data structure of an
    organization’s internal database.

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