XBRL Report
XBRL, the eXtensible Business Reporting Language, is an open standards-based reporting system built to accommodate the electronic preparation and exchange of business reports around the world. XBRL started back in 1999 with 12 organizations as the founding members. There are now in excess of 450 organizations worldwide in over 30 countries involved in its development. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. The idea behind XBRL, eXtensible Business Reporting Language, is simple. Instead of treating financial information as a block of text - as in a standard internet page or a printed document - it provides an identifying tag for each individual item of data. This is computer readable. For example, company net profit has its own unique tag. The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL data "intelligently" as they can recognize the information in a XBRL document, select it, analyze it, store it, exchange it with other computers and present it automatically in a variety of ways for users. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits automatic checking of information. Companies can use XBRL to save costs and streamline their processes for collecting and reporting financial information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, ...
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...ect Overview BARS is Deutsche Banks spreadsheeting tool for world wide capture and sophisticated analysis of customers financial statements. The application offers to Deutsche Banks credit officers access to 200.000 customers and 1.6 million financial statements stored in a central database. In order to facilitate data capture and to further streamline the credit process the application will be equipped with an XBRL-import interface.
Project 5 KOSDAQ XBRL Expansion Project to Company Level Taxonomy
Country Republic of KOREA
Project Status Implemented
Project Overview The objective of the XBRL Expansion Project was to convert corporate information of 30 listed companies to XBRL information for investors and analysts according to the needs of KOSDAQ. As a result of the project, KODAQ is able to provide financial data and non-financial data formatted in XBRL.
U.S. GAAP and International Financial Reporting Standards (IFRS), formerly known as iGAAP, are two accounting standards used in today’s world of financial reporting. These standards have differences as well as similarities in reporting requirements. Organizations in the United States are required to follow GAAP principles in preparing financial statements and other financial reports. Whereas, organizations outside of the United States may follow IFRS. Balance sheet reporting and formatting is an area in which GAAP and IFRS may differ, yet be similar in many respects. The balance sheet is a financial statement of what a company owns and what it owes at a given date and time (Spiceland, Sepe, & Nelson, 2013). This paper will address differences and similarities in respect to balance sheet reporting and formatting as it relates to fixed assets and liabilities, inventory, and goodwill.
Financial statement users around the globe use financial statements to evaluate the performance of companies (Fundamentals of Financial Accounting, 2006). In order to locate a company’s reported assets, liabilities, expenses and revenues, statement users rely on four types of financial statements. The four financial statements include: Balance Sheet, Income Statement, Statement of Retained Earnings, and Statement of Cash Flows (Fundamentals of Financial Accounting, 2006, p. 6). Each of these reports provides different information to the financial statement user. The Balance Sheet reports at a point in time: a company’s assets (what it owns), liabilities (what it owes) and stockholder’s equity (what is left over for the owners) (Fundamentals of Financial Accounting, 2006, p.7). The Income Statement shows whether a business made a profit (net income) during a specific period of time (Fundamentals of Financial Accounting, 2006, p. 10). The Statement of Retained Earnings illustrates what portions of the company’s earnings was paid to stockholders and retained by the company for future operations (Fundamentals of Financial Accounting, 2006, p.12). Finally, the Statement of Cash Flows reports summarizes how a business’ “operating, investing, and financial activities caused its cash balance to change over a particular range of time” (Fundamentals of Financial Accounting, 2006, p.13).
Xero’s Vision is to be “The global leader of small business accounting” and its Mission of “Grow prosperity by connecting people, money and resources with beautifully designed software“(Xero Briefing, 2012, pg.29). Xero’s main focus lies with how the customer can best interact with its software to make it user-friendly and at the same time powerful.
Stair, R.M., Reynolds, G.W., Gelinas, J.U. Jr., Sutton, S.G., Hunton, J.E., Albright, S.C., Winston, W.L. & Zappe, C. (2007) Accounting Information Systems and Financial Modelling, Thomson, South Melbourne, Victoria, Australia.
Spreadsheets have now replaced paper-based schemes all over the world. Although they were first developed for accounting tasks, they now ...
Many businesses, especially those related to information technology, view data as a preeminent asset. Some assets, such as physical property and equipment are more obvious, but those that are less noticeable can be of greater value, define an organization’s image and success, and offer a competitive advantage. Information is considered such an asset and the collection, maintenance, and update of this asset is critical to an organization’s short and long-term success. Having information that is accurate, dependable, and current is often essential in a business’s day-to-day operations. For example, many businesses directly linked to the financial sector depend upon accurate and current information in order to perform daily financial transactions relating to the financial assets of many clients. Other businesses must have timely data in order to make informed decisions and allow daily operations to perform with optimum efficiency. Regardless of the business, it is necessary to preserve the integrity of the data and possess data that is current or real-time.
In this paper, we review the balance sheet provided or XY Bank and cover the differences between a company and a bank’s balance sheet. Additionally we highlight why some of the balance sheet figures are what they are and look at loans and securities and cash levels held at the bank.
In this section the Weekly Average of Current market price, Yearly high, Yearly low, Last completed financial year value, Sales, Operating profit margin, Net profit, Equity, Earning per share, Book value, Factor value, Dividend and Price Earnings for the public sector bank of SBI, and for the private sector banks of HDFC.
The globalization of business has resulted in the need for compatible accounting standards that can be used internationally for financial reporting. As a result, the International Financial Reporting Standards (IFRS) were developed by the International Accounting Standards Board (IASB) to unify the various financial reporting methods and create a single accounting standard which can be applied to any financial statement worldwide (Byatt). The global standardization of financial reporting will increase the readability and enhance comparability of globally traded companies’ financial statements, without the need of conversion or translation. There are a few main differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (U.S GAAP). The increasing recognition and acceptance of the International Financial Reporting Standards by accounting professionals in the United States, will affect the way in which the U.S will record financial statements in the future.
Due to the constant changes in today’s world, shareholders and stakeholders expect information about the operational, financial and investing activities of a business.
Introduced in 1996, Extensible Markup Language (XML) was initially intended to function in the place of Hypertext Markup Language (HTML) as the standard format used to define online document structure (Obasanjo, 2003). These intentions are proving inevitable as business organizations begin to realize the real potential found in the family of XML technologies. Potential in terms of improvement in information management practices measured by a company’s reduction in time and overhead. One such organization that has actually realized these benefits in several facets of their operations is Freightliner, a division of Daimler Chrysler who designs, manufactures, and sells specialized commercial vehicles and will be detailed later (Kotok, 2003). XML has proven to be more than simply an advanced version of HTML. It is helping to create a common language for intra and inter-organizational business processes (Obasanjo, 2003).
The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and other regulatory bodies a company could not make well informed decisions. In this paper the author will look at only four of them.
These accounting information are so much important for the business owner or financial statements reader to analyze the company and make the economics decision.
The Internet is a virtual treasure trove of information. Any kind of information on any topic under the sun is available on the Internet. The ‘search engines’ on the Internet can help you to find data on any subject that you need. A scholar knows what’s going on in the world without even stepping outside of his door, this perfectly defines the function of Internet. As now, the Internet has become part of everyday life. The postings on the Internet can be accessed from anywhere in the world, all the businesses are now able to deal with international clients and accept foreign currency. The Internet promotes the development of office automation, release accountants from complex work procedures since accountants usually face a large number of data and calculations every single day. The emergence of Internet provides a convenient for accountant to work. The emergence of Internet makes financial calculations more accurate, so as the speed of calculation. The accountants can also find some of the financial information online or download audit reports provided by the companies to help improvement of their business plans. By using Internet network, most of the accounting firms “have upgraded their accounting servers to accommodate Microsoft Outlook for e-mail, Microsoft Word for form letters to existing and prospective customers and Microsoft Excel to download various
Nowadays with the implementation of new emerging technologies, the way businesses keep this financial information has become computerised. At the moment businesses use computers with a computerised accounting system in order to perform many other new activities than what they were able to do in the past. Businesses can access financial information from different department in the organisation, access to the information through computers and find financial data very fast, being more efficient. (Beliss, 2013)