Internet financial reporting- Refers to the use of the as a by companies for their & other financial reporting
The key attributes of any standard for financial reporting is to ensure are to create, does not require & use hardware or software
Mark-up language- A programming using to how text should be
Taxonomy- A of which have characteristics into
The main difference between XBRL & iXBRL is that iXBRL contains instructions to allow to the file
The <> tag where a tag & the </> tag where a tag
Financial reporting data commonly required by many bodies such as , investors, , customers & , such as authorities. Public organisations are legally required to publish such
Lack of standard method of transmitting financial reporting data leads to of if data is , manually . Solution to such problems is (XBRL)
Three main approaches to internet financial reporting are , & with
Static reporting- Use of format of annual report & accounts. It's easier to to wider audience. allows some degree of , making it less
Interactive reporting- menus enable selection of financial information from . Users can their own based on selection
Interactive reporting with data analysis- Simple tasks possible without . It's less to human when doing it . No data necessary at recipients for from different sources
Two major problems in using different methods to publish annual reports online are: data would need to be to format & users of such as government agencies will have managing & data from diverse sources
Possible solution for problems of using different methods to publish annual reports online is to create an between systems so that can be transmitted (however this will be & )
Hypertext Mark-up Language (HTML)- Use tags to determine how appears on (not )
Extensible Mark-up Language (XML)- Use & that can be defined by to make it . It's a language understood by , as is used to data
Benefit of XML is its in storing, & exchanging electronic documents. Also, tags can be so varied other pieces of can be added
Essential features of XBRL include: communications that does not , but , independent of any hardware (& software ) & ensures transmission of financial reporting data with little or no intervention
In XBRL tag names & value arguments are & to dis/aggregate data (). Classification is based on between data items (e.g. assets, liabilities & equity) & in financial reports such as income statement & statement of financial position
Benefits of XBRL include: data quality, of duplicated data, of processing, reporting processes, data handling, reduced costs, reduced burden, , reduced cost, reduced cost of , enhanced , reduced costs & reduced due to data integrity
Inline XBRL (iXBRL)- XBRL with formatting to create document. Therefore, it's able to overcome need to produce both & financial reporting information. Using iXBRL, in principle file is needed to satisfy all of financial reporting data
iXBRL is achieved by ‘’ formatting information from by only linking to file. represents semantics (format, look)
Some regulatory authorities are requiring use of rather than . Most companies prepare & publish annual reports using & & may continue to provide of their annual reports. As more regulators require , companies will most likely publish their financial statements & annual reports as only
Two uses of iXBRL are & non-compatible accounting
(i)XBRL can be used to financial reporting information to any adopting standard ( & ). Basis for data that comes from all kinds of sources (suppliers, customers), no matter their
Global Ledger Taxonomy (GLT) may assist companies with different accounting systems. It provides way for users to communicate any typically found in or actual accounting transactions
Any accounting software with an (contains taxonomy and data) can create an document
SAP (for larger businesses) uses its reporting tool to create XBRL files according to & regulations. Also, SAP allows files by extending standard