Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are serving as a liaison between accounting and IT. Your company is required to use XBRL for external and external financial reporting. IT would

You are serving as a liaison between accounting and IT. Your company is required to use XBRL for external and external financial reporting. IT would like to use integrated tagging and has asked for funding for an XBRL database. The accounting department doesnt see why IT needs funding for another new database.

Required: (20%)

  1. Why is XBRL needed in the financial community and corporations?
  2. What does it provide that was not available before XBRL?
  3. In your opinion, why did the Securities and Exchange Commission mandate its usage?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Puzzling Auditing Puzzles

Authors: Janice P. Russell

1st Edition

0873894782, 978-0873894784

More Books

Students also viewed these Accounting questions

Question

Identify where SRI is practiced and explain how.

Answered: 1 week ago

Question

State the uses of job description.

Answered: 1 week ago

Question

Explain in detail the different methods of performance appraisal .

Answered: 1 week ago