XBRL touts as its primary advantage that it increases efficiency for the firm and those interested in

Question:

XBRL touts as its primary advantage that it increases efficiency for the firm and those interested in its business reports.

Required:

a. How is XBRL more efficient for the firm that reports its business performance? Does the use XBRL GL in a firm’s accounting software make XBRL more or less efficient than when XBRL GL is not used?

b. How is XBRL more efficient for those using its business reports for regulator, investing or other purposes?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Information Systems

ISBN: 978-0078025495

1st edition

Authors: Vernon Richardson, Chengyee Chang

See More Books

Question Posted: Mar 04, 2015 03:07 AM

See More Questions

A husband and wife own an investment residential unit and two commercial properties. The income per annum from the residential unit is approximately $55,000. The commercial property income per annum...
When does it make sense to create a business using a minimalized approach to professionalization? Why is that so?
Its more efficient to go shopping when everyone else is shopping: This is one explanation for the rise of Christmas as a shopping season. Even many people who dont celebrate Christmas do a lot of...
Suppose that the Medicare rate of hospital reimbursement is reduced. Explain why the costs may not be shifted to other patients in the short run.
Estimate the interest rate paid by P&G on the 5/30 swap in Business Snapshot 22.4 if a) the CP rate is 6.5% and the Treasury yield curve is flat at 6% and b) the CP rate is 7.5% and the Treasury...
How is the competitive nature of the industry changing and what are the CSFs?
Treating acne. An article in a medical journal reports an experiment to see if pulsed dye laser therapy is effective in treating acne. The article describes the experiment as a randomized,...
For each of the following accounts for a manufacturing company, place a in the appropriate column indicating that it appears on the balance sheet, the income statement, the manufacturing statement,...
On 10/12/2020, a U.S. Treasury bond has a face value $1,000, maturity at 8/10/2022, a coupon rate of 7.2%, semi-annual coupon payments, and yield to maturity (BEY) of 5.6%. As of 10/12/2020, there...
It is January 20, Year 13. Mr. Neely, a partner in your office, wants to see you, CPA, about Bruin Car Parts Inc. (BCP), a client req_uiring assistance. BCP prepares its financial statements in...
In the text we mentioned that data mining is often used to analyze stock prices and stock returns. A Wall Street Journal article titled Data Mining isnt a Good Bet for Stock-Market Predictions (dated...
How would Coca Cola use business intelligence to monitor Pepsi Colas operations in Russia? What sources of data need to be gathered? How would it be analyzed?
A spaceship is moving away from Earth with a constant velocity of 0.80c with respect to Earth. The spaceship and an Earth station synchronize their clocks, setting both to zero, at an instant when...
Brice Looney owns a small retail ice cream parlor. He is considering expanding the business and has identified two attractive alternatives. One involves purchasing a machine that would enable Mr....
A positively charged particle initially at rest on the ground moves $4.0 \mathrm{~m}$ upward in $2.00 \mathrm{~s}$. If the particle has a chargeto-mass ratio of $10 \mu \mathrm{C} / \mathrm{g}$...
Central States Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Central States purchased goodwill as part of the acquisition of Sheldon Wireless Company, which had...
Shown below is selected information from the financial records of Merris Corporation as of December 31: Required a. Determine which of the above items will appear on the statement of cash flows and...
Pippa runs a photographic studio specializing in black and white portrait photography. Clients book a one hour studio session and are entitled to receive two large photographs of their choice from...
Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department | for May 2016 were as follows: Department | handled the following units during...
The unadjusted trial balance of Secretarial Services is as follows: SECRETARIAL SERVICES Unadjusted Trial Balance as at 31 December 2017 Account Debit Credit Cash at bank Office supplies Prepaid...
Tyrone is a sales executive for a small company that does not have an accountable plan for reimbursing its employees for business expenses. Tyrone spends $$420$ on business expenses which he can...
Refer to Figure, the level 0 DFD of Suprinas order entry system. Use Microsoft Visio or other diagraming software. a. Construct a diagram 1 that explodes process 1.0, Capture customer order, down to...
Table 4.3 depicts a different logical grouping of activities than does Table 4.2 (pg. 122). Use Microsoft Visio or other diagraming software, and construct a logical DFD (level 0) based on Table 4.3.
Table 4.3 depicts a different logical grouping of activities than does Table 4.2 (pg. 122). Use Microsoft Visio or other diagraming software, and construct a logical DFD (level 0) based on Table 4.3.
Suppose First Fidelity Bank engaged in the following transactions: (Click the icon to view the transactions.) Journalize the 2018 and 2019 transactions on First Fidelity's books. Explanations are not...
Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net...
Supply costs at Coulthard Corporation's chain of gyms are listed below: March April May June July August September October November Client-Visits 11,666 11,462 11,994 13,900 11,726 11, 212 12,006...

XBRL touts as its primary advantage that it increases efficiency for the firm and those interested in

Question:

Step by Step Answer:

a XBRL in and of itself may not make the reporting company more effi...View the full answer

Accounting Information Systems

Students also viewed these Accounting questions