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

You are serving as a liaison between accounting and IT. Your company is required to use XBRL for external financial reporting. IT would like to use XBRL integrated tagging and has asked for funding for an XBRL database. The accounting department doesn’t see why IT needs funding for another new database.

What are the benefits of XBRL integrated tagging for internal use? Why would IT need a new XBRL database? What would you say at your meeting with accounting and IT?

Step by Step Solution

★★★★★

3.49 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

You could prepare a presentation on the benefits of XBRL and the benefits ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

405-B-A-I-S (6492).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Why is GAAP so important for external financial reporting but not for internal management reporting?

You are serving as a consultant for the newest James Bond film. In one scene, Bond must fire a projectile from a cannon and hit the enemy headquarters located on the top of a cliff 75.0 m above and...

Smith Company is required to charge customers an 8% sales tax on all goods it sells. Smith Company includes sales tax in its sales amount. At the end of May, Smith Companys sales account for May has...

9.30 You are serving as a liaison between accounting and IT. Your company is required to use XBRL for external financial reporting. IT would like to use XBRL integrated tagging and has asked for...

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...

1. Why do you think it took from 1999, when the XBRL concept was invented, until 2009 for the SEC require that public filers adopt? 2. From the PWC Webcast on XBRL, what are the differences between...

AP1.9. (LO 2 , 4 , 6 , 7 , 8 ) Limitations of an audit You are an intern at a Big 4 accounting firm and have just finished your internship training. You feel a little overwhelmed with all of the...

Refer to the audit reports in Illustrations 1.6, 1.7, and 1.9. What are some key terms and phrases included in the reports that address these limitations? Illustrations 1.6 Illustrations 1.7...

Accounts receivable, net of allowances of $223 and $187 Net sales revenue Current Year $14,289 62,170 Prior Year According to its Form 10-K, Hassell recorded bad debt expense of $102 and there were...

Solve the following equation using separation of variables: cos(x) 1 + sin(x) dy da 2y-

Terry is skiing down a steep hill. Terry's elevation, E ( t ) , in feet after t seconds is given by E ( t ) = 4 3 0 0 - 5 0 t . The equation tells us that Terry started and his is Select an answer by

How do researchers "model" the sentencing process?

The adjusted trial balance of Cavamanlis Co. as of December 31, 2012, contains the following. Instructions (a) Prepare an income statement.(b) Prepare a statement of retained earnings.(c) Prepare a...

Presented below are selected account balances for Alistair Co. as of December 31, 2012. InstructionsPrepare closing entries for Alistair Co. on December 31, 2012. (Omitexplanations.) Inventory...

Snyder Miniature Golf and Driving Range Inc. Was opened on March 1 by Mickey Snyder. The following selected events and transactions occurred during March. Mar. 1 Invested $60,000 cash in the business...

Using the Du Pont method, evaluate the effects of the following relationships for the Butters Corporation. a. Butters Corporation has a profit margin of 7 percent and its return on assets...

The Bay Area Rapid Transit (BART) is a rail system used to transport people around the San Francisco Bay area. They began a project of connecting the Oakland Airport to the system. The following is...

Tony Begay at Saguaro Funds. Tony Begay, a currency trader for Chicago-based Saguaro Funds, uses the following futures quotes, , on the British pound () to speculate on the value of the pound. a. If...