XBRL Research Paper Example | Topics and Well Written Essays - 1250 words

XBRL - Research account ExampleIt allows semantic meaning that is convey for reporting financial and non financial in setion of occupancyes. This technology uses XML base language. The main objective of XBRL is to prepare and ex transmute financial information for further usage of it like compend of financial information for investment decision making. It is a standard way to communicate with the stakeholders of the artes through communion financial information. Specification of standardization of information is developed and published by XBRL International Inc. The information on the XBRL platform can be freely downloaded especially the financial descriptions can be downloaded as spreadsheet format so that it can be easily used for further analysis (AICPA. 2012, p.1). The information will alike be available in multiple languages to meet the purpose of mass target audiences. The professional users of financial parameters of business like the security analysts can analyze the companys financial information by comparing with other competitors very easily. This will be assist by getting automating filling of business information which can be easily compared with the previous financial figures. Again this helps analysts to increase speed on with high level of accuracy of data. The XBRL platform also pull up stakess the relevant definition of each reporting concepts and the kindred among various financial parameters and reporting concepts. XBRL facilitates the preparers of financial information of the companies to utilize freely accessible software to iota quarterly and annual financial information within taxonomy. This information is accomplished in an Instance inventory that can be easily accessible by the target audiences. This information can be electronically exchanged and also can be validated in computers and also can be light by the users from any part of the world. XBRL has published guideline for the users in its websites to help the pre parers of financial statements (FFIEC, 2006, p.2). What information is required to be provided in XBRL? Requirement of information XBRL has been revise but there is no major change in the basic format of disclosed information in the periodic report or enrollment statement for new XBRL requirement. One minor change is that the companies have to provide financial statements along with the statement schedule and footnotes. The companies do not need to provide information about executive compensation and statistical disclosure of financial performance in a specific financial year. The companies must have to provide quarterly earnings reports, transition reports and annual reports. XBRL wants to extend the contents of cultivate 8K which will be revised and updated version of the previous financial statements of the companies duly filled with only SEC. XBRL also needs registration statement of limited security act which will update information about change of price crop at the time sub mitting quarterly or annual financial report by the companies. Previously the companies need to provide amended at each time of filling in XBRL platform. For merger and acquisition of business registered with XBRL, it needs the detailed information of revised financial structure of the company and details of the acquisition value. XBRL data need registration statement of securities act which must include financial statements like Form S1 and Form S3. This incorporates the financial information provided by the company (SEC, 2009, p.23). What are the perceived benefits of XBRL? Are there any risks and/or drawbacks? XBRL is perceived to be beneficial for both the preparers and the users of financial statements. Financial analysts, regulatory bodies and investors gain more cost-efficient and faster access financial data. This information