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Institutional investors are finding XBRL to be valuable from the standpoint of creating taxonomies that give them greater insights into the performance of the firms they hold significant stock share positions in. In addition, investment analysts with leading Wall Street firms are using XBRL as a means to define entirely new and more detailed analysis of financial statements and key ratios as well. Given the fact that XBRL treats financial information as a referenced by an XML-compatible tag, each financial ratio, item on a financial statement and significant event as defined by the Sarbanes-Oxley (SOX) Act are all tagged. This significantly improves reporting timeliness and has led to the SEC stating that the future of financial reporting will be in real-time (Tribunella, Tribunella, 71).
The Connection between XBRL and Real-Time Reporting
With XBRL,...
No longer are corporations limited in the timeframes they deliver their financial results in; they can deliver them periodically and in real-time, averting the bottleneck of periodic reporting requirements the smaller corporations have to contend with today. The SEC and backers of real-time reporting argue this approach will ensure greater accuracy and compliance to the SOX standards and reporting requirements. The ability of XBRL to be used for managing and defining taxonomies in real-time is also a major advantage of this approach. Finally institutional investors who track financial performance of the companies they own large stock positions in favor this approach as well as they can better manage their investments. The benefits of XBRL for real-time reporting are beginning to force the issue of financial
Within these findings are many insights and differences in opinion as to the benefits and caveats of XBRL adoption. In the a case of HMRC, privacy issues are a key factor in the reason for their partial adoption of XBRL, rather than the full adoption undertaken by CH. The interviewees were from varied backgrounds and included three from HMRC and four from CH. They included persons from many different
Accounting Systems Assessing the Current and Future State of The lifeblood of any business is the revenue it generates while managing costs, ensuring profitability of the business, and its long-term survival and growth. The catalyst of managing a business effectively is the use of accounting information, financial analysis, and increasingly in the 21st century, the use of real-time financial analytics on key performance indicators (KPIs) used to manage a business
Role-based ERP systems are critical for the siloed, highly inefficient architectures of legacy ERP systems to be made more relevant, contribute greater financial performance, and lead to higher levels of overall customer satisfaction. c. Purpose of the study The purpose the study is evaluate how enterprises who adopt role-based ERP system implementations are able to attain higher levels of financial and operations-based performance vs. those that rely on silo-based, more functionally
Unifying all compliance strategies throughout a business and placing internal auditors in the position of managing variations in processes and reporting results has emerged as a critical success factor for GRC strategies (Michelman, Waldrup, 2008). The businesses that are minimizing the disruption of SOX-related it, process and strategy changes have successfully implemented internal auditing oversight programs. This aspect of internal controls is struggling in some businesses as resistance to
Research Proposal The Five Forces Model originally defined by Dr. Michael Porter of Harvard University is shown in Figure 1. The value of this model from analyzing Bowne & Company is how the company has been able to withstand many different competitive threats while at the same time attaining technological leadership with its XBRL-based applications and services. Dr. Porter makes the point regarding the five forces model that the threat of
Technology on the Accounting Profession Accounting and finance continue to see rapid improvements in the accuracy, efficiency and performance of systems as advances are made in the fields of analytics, big data, system integration and reporting, mobility and cloud-based platforms including Software-as-a-Service (SaaS). All of technologies taken together are accelerating the pace of change in accounting today. The intent of this analysis is to provide a description of these technologies,