Required: a. Research the current state of XBRL and determine if this technology is appropriate for internal reporting projects such as this. b. Identify the enhancements to current information and reporting that the company could realize by using XBRL. c. Discuss any data integrity, internal control, and reporting concerns associated with XBRL
Required: a. Research the current state of XBRL and determine if this technology is appropriate for internal reporting projects such as this. b. Identify the enhancements to current information and reporting that the company could realize by using XBRL. c. Discuss any data integrity, internal control, and reporting concerns associated with XBRL
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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John Ozment, director of special projects and analysis for Ozment’s Corporation, is responsible for
preparing corporate financial analyses and monthly statements and reviewing and presenting the
financial impacts of proposed strategies to upper management. Data for such financial analyses are
obtained from operations and financial databases through direct queries of Ozment’s department staff.
Reports and charts for presentations are then prepared by hand and typed. Multiple copies are
prepared and distributed to various users. The pressure on Ozment’s group has intensified as demand
for more and more current information increases. A solution to this reporting problem must be found.
The systems department wants to develop a proprietary software package to produce the reports
automatically. The project would require the company to make a considerable programming
investment. Ozment is concerned about the accuracy, completeness, and currency of data in
automatically produced reports. He has heard about a reporting system called XBRL and wonders
whether a new system based on this technology would not be more effective and reliable.
Required:
a. Research the current state of XBRL and determine if this technology is appropriate for internal
reporting projects such as this.
b. Identify the enhancements to current information and reporting that the company could
realize by using XBRL.
c. Discuss any data integrity, internal control, and reporting concerns associated with XBRL
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