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XBRL John Ozment, director of special projects and analysis for Ozment’s Corporation, is responsible for preparing corporate financial analyses and monthly statements and for 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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Accounting Information Systems

10th Edition
Hall + 1 other
Publisher: Cengage Learning,
ISBN: 9781337619202

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Chapter
Section
BuyFindarrow_forward

Accounting Information Systems

10th Edition
Hall + 1 other
Publisher: Cengage Learning,
ISBN: 9781337619202
Chapter 8, Problem 3P
Textbook Problem
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XBRL

John Ozment, director of special projects and analysis for Ozment’s Corporation, is responsible for preparing corporate financial analyses and monthly

statements and for 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

  1. a. Research the current state of XBRL and determine if this technology is appropriate for internal reporting projects such as this.
  2. b. Identify the enhancements to current information and reporting that the company could realize by using XBRL.
  3. c. Discuss any data integrity, internal control, and reporting concerns associated with XBRL.

a.

To determine

Describe the current state of XBRL and determine if this technology is appropriate for internal reporting projects of corporation O.

Explanation of Solution

Extensible Business Reporting Language (XBRL):

The extensible business reporting language (XBRL) is language based on extensible markup language (XML). The XML is the metalanguage used to define the markup languages The XBRL is used for reporting and exchanging information of organization with the external users.

The current state of XBRL is as follows:

  • The XBRL is known by the financial world community. The XBRL is emerging as an important tool for financial reporting activities.
  • The usage of XBRL by the external users of organization is substantially increasing all over the world...

b.

To determine

Recognize the enhancements to current information and reporting that the company could realize by using XBRL.

c.

To determine

Explain any data integrity, internal control, and reporting concerns associated with XBRL.

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Chapter 8 Solutions

Accounting Information Systems
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Ch. 8 - What are the two operational reports produced by...Ch. 8 - Explain which of the four potential risks to the...Ch. 8 - What does XML stand for?Ch. 8 - What does XBRL stand for?Ch. 8 - What is an XBRL taxonomy?Ch. 8 - What is an XBRL instance document?Ch. 8 - What is an XBRL tag?Ch. 8 - Explain how the formalization of tasks promotes...Ch. 8 - Explain why it is important that both...Ch. 8 - Distinguish between narrow and wide span of...Ch. 8 - How does management by exception help to alleviate...Ch. 8 - Identify instances for which feedback becomes...Ch. 8 - Contrast the four decision typesstrategic...Ch. 8 - What are the three elements that distinguish...Ch. 8 - What management levels are more likely to deal...Ch. 8 - What are the two objectives that enable reports to...Ch. 8 - List and define the seven report attributes.Ch. 8 - What is responsibility accounting?Ch. 8 - What are the two phases of responsibility...Ch. 8 - What are the three most common forms of...Ch. 8 - What is goal congruence?Ch. 8 - What is data mining?Ch. 8 - What is a data warehouse?Ch. 8 - What is information overload?Ch. 8 - Explain some reporting techniques that may cause...Ch. 8 - Explain how exception reporting would be...Ch. 8 - What types of variances are found on cost center...Ch. 8 - Distinguish between a profit center and an...Ch. 8 - Define small data analytics.Ch. 8 - Define big data analytics.Ch. 8 - What is a SSAE 16 report?Ch. 8 - Discuss any separation of duties necessary to...Ch. 8 - Discuss the various sources of data for the FRS...Ch. 8 - Explain how erroneous journal vouchers may lead to...Ch. 8 - Ultimately, is the purpose of an audit trail to...Ch. 8 - Describe the role of the journal voucher in both...Ch. 8 - Controls are only as good as the predetermined...Ch. 8 - Discuss three audit implications of XBRL.Ch. 8 - Although HTML and XML documents look very similar...Ch. 8 - If management control and strategic planning...Ch. 8 - In terms of decision-making capabilities, which...Ch. 8 - Scheduled reports may contain some information...Ch. 8 - Sometimes a trade-off must be made between...Ch. 8 - Figure 8-18 illustrates both upward and downward...Ch. 8 - Distinguish between the verification model and the...Ch. 8 - Explain how a data warehouse database is...Ch. 8 - Why are cost centers considered to be more...Ch. 8 - Explain how a production quota used to evaluate a...Ch. 8 - Explain and give an example as to how a manager...Ch. 8 - Comment on the following statement: More...Ch. 8 - How are prescriptive and predictive analytics...Ch. 8 - Discuss two internal threats to big data security.Ch. 8 - Discuss the three Vs of big data analytics.Ch. 8 - Which of the following statements best describes a...Ch. 8 - Which of the following statements is most true? a....Ch. 8 - Which of the following is NOT an output report of...Ch. 8 - Which of the following statements is most true? a....Ch. 8 - An XBRL instance document is a. the document...Ch. 8 - Which of the following is not a data analytics...Ch. 8 - Hercules Inc. uses a performance reporting system...Ch. 8 - An XBRL taxonomy is a. a classification scheme...Ch. 8 - Which of the following statements is true? a....Ch. 8 - Which of the following budgeting processes is...Ch. 8 - Which of the following would normally be...Ch. 8 - At what level of management is the long-range...Ch. 8 - Which is the fundamental purpose of responsibility...Ch. 8 - Which file provides historical financial data for...Ch. 8 - An investment center is described best by which of...Ch. 8 - GENERAL LEDGER SYSTEM OVERVIEW Draw a diagram...Ch. 8 - FINANCIAL REPORTING PROCESS The following contains...Ch. 8 - XBRL John Ozment, director of special projects and...Ch. 8 - INTERNAL CONTROL The accounting clerk for the Ram...Ch. 8 - DATABASE GL SYSTEMBATCH Crystal Corporation...Ch. 8 - DATABASE GL SYSTEMREAL TIME The top-management...Ch. 8 - INTERNAL CONTROL Expand Figure 8-5 in the text to...Ch. 8 - ORGANIZATIONAL CHART Prepare an organizational...Ch. 8 - DECISION LEVEL Classify the following decisions as...Ch. 8 - REPORT CATEGORIZATION Classify the following...Ch. 8 - ORGANIZATION STRUCTURE AND SPAN OF CONTROL Refer...Ch. 8 - ORGANIZATION STRUCTURE AND SPAN OF CONTROL Refer...Ch. 8 - CMA-ADAPTED ORGANIZATIONAL STRUCTURE While...Ch. 8 - CMA-ADAPTED PERFORMANCE MEASURES The Star Paper...Ch. 8 - PROBLEM IDENTIFICATION Classify each of the...Ch. 8 - MANAGEMENT BY EXCEPTION A variety of quantitative...Ch. 8 - DATA ANALYTICSCLOUD SERVICE PROVIDER Harry Jones,...

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