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Lecture 6- Extensible business reporting language (XBRL)

Deleted user 28 questions Updated 12 Jul 2021

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1Internet financial reporting- Refers to the use of the [blank_start]internet[blank_end] as a [blank_start]communications medium[blank_end] by companies for their [blank_start]annual reports[blank_end] & other financial reporting [blank_start]information[blank_end]
1. Ainternet
2. Bcommunications medium
3. Cannual reports
4. Dinformation
2The key attributes of any standard for financial reporting is to ensure [blank_start]electronic files[blank_end] are [blank_start]easy[blank_end] to create, does not require [blank_start]significant investment[blank_end] & use [blank_start]proprietary[blank_end] hardware or software
1. Aelectronic files
2. Beasy
3. Csignificant investment
4. Dproprietary
3Mark-up language- A programming [blank_start]language[blank_end] using [blank_start]tags[blank_end] to [blank_start]signify[blank_end] how text should be [blank_start]displayed[blank_end]
1. Alanguage
2. Btags
3. Csignify
4. Ddisplayed
4Taxonomy- A [blank_start]method[blank_end] of [blank_start]classifying items[blank_end] which have [blank_start]shared[blank_end] characteristics into [blank_start]groups[blank_end]
1. Amethod
2. Bclassifying items
3. Cshared
4. Dgroups
5The main difference between XBRL & iXBRL is that iXBRL contains [blank_start]various formatting[blank_end] instructions to allow [blank_start]humans[blank_end] to [blank_start]read[blank_end] the file
1. Avarious formatting
2. Bhumans
3. Cread
6The <> tag [blank_start]signifies[blank_end] where a tag [blank_start]begins[blank_end] & the </> tag [blank_start]signifies[blank_end] where a tag [blank_start]ends[blank_end]
1. Asignifies
2. Bbegins
3. Csignifies
4. Dends
7Financial reporting data commonly required by many bodies such as [blank_start]managers[blank_end], investors, [blank_start]suppliers[blank_end], customers & [blank_start]regulatory bodies[blank_end], such as [blank_start]tax[blank_end] authorities. Public organisations are legally required to publish such [blank_start]financial information[blank_end]
1. Amanagers
2. Bsuppliers
3. Cregulatory bodies
4. Dtax
5. Efinancial information
8Lack of standard method of transmitting financial reporting data leads to [blank_start]source[blank_end] of [blank_start]errors[blank_end] if data is [blank_start]duplicated[blank_end], manually [blank_start]re-entered[blank_end]. Solution to such problems is [blank_start]eXtensible Business Reporting Language[blank_end] (XBRL)
1. Asource
2. Berrors
3. Cduplicated
4. Dre-entered
5. EeXtensible Business Reporting Language
9Three main approaches to internet financial reporting are [blank_start]static reporting[blank_end], [blank_start]interactive reporting[blank_end] & [blank_start]interactive reporting[blank_end] with [blank_start]data analysis[blank_end]
1. Astatic reporting
2. Binteractive reporting
3. Cinteractive reporting
4. Ddata analysis
10Static reporting- Use of [blank_start]electronic[blank_end] format of [blank_start]paper-based[blank_end] annual report & accounts. It's easier to [blank_start]distribute[blank_end] to wider audience. [blank_start]PDF[blank_end] allows some degree of [blank_start]interaction[blank_end], making it less [blank_start]static[blank_end]
1. Aelectronic
2. Bpaper-based
3. Cdistribute
4. DPDF
5. Einteraction
6. Fstatic

11Interactive reporting- [blank_start]Interactive[blank_end] menus enable selection of [blank_start]particular[blank_end] financial information from [blank_start]report[blank_end]. Users can [blank_start]build[blank_end] their own [blank_start]PDF[blank_end] based on selection
1. AInteractive
2. Bparticular
3. Creport
4. Dbuild
5. EPDF
12Interactive reporting with data analysis- Simple [blank_start]analytical[blank_end] tasks possible without [blank_start]human intervention[blank_end]. It's less [blank_start]prone[blank_end] to human [blank_start]error[blank_end] when doing it [blank_start]manually[blank_end]. No data [blank_start]conversion[blank_end] necessary at recipients for [blank_start]data[blank_end] from different sources
1. Aanalytical
2. Bhuman intervention
3. Cprone
4. Derror
5. Emanually
6. Fconversion
7. Gdata
13Two major problems in using different methods to publish annual reports online are: data would need to be [blank_start]converted[blank_end] to [blank_start]common[blank_end] format & users of [blank_start]accounting data[blank_end] such as government agencies will have [blank_start]difficulties[blank_end] managing & [blank_start]analysing[blank_end] data from diverse sources
1. Aconverted
2. Bcommon
3. Caccounting data
4. Ddifficulties
5. Eanalysing
14Possible solution for problems of using different methods to publish annual reports online is to create an [blank_start]interface[blank_end] between systems so that [blank_start]data[blank_end] can be transmitted [blank_start]electronically[blank_end] (however this will be [blank_start]costly[blank_end] & [blank_start]time-consuming[blank_end])
1. Ainterface
2. Bdata
3. Celectronically
4. Dcostly
5. Etime-consuming
15Hypertext Mark-up Language (HTML)- Use [blank_start]pre-defined[blank_end] tags to determine how [blank_start]text[blank_end] appears on [blank_start]web page[blank_end] (not [blank_start]interactive[blank_end])
1. Apre-defined
2. Btext
3. Cweb page
4. Dinteractive
16Extensible Mark-up Language (XML)- Use [blank_start]tags[blank_end] & [blank_start]attributes[blank_end] that can be defined by [blank_start]user[blank_end] to make it [blank_start]machine-readable[blank_end]. It's a language understood by [blank_start]computers[blank_end], as is used to [blank_start]transmit[blank_end] data
1. Atags
2. Battributes
3. Cuser
4. Dmachine-readable
5. Ecomputers
6. Ftransmit
17Benefit of XML is its [blank_start]speed[blank_end] in storing, [blank_start]publishing[blank_end] & exchanging electronic documents. Also, tags can be [blank_start]joined[blank_end] so varied other pieces of [blank_start]information[blank_end] can be added
1. Aspeed
2. Bpublishing
3. Cjoined
4. Dinformation
18Essential features of XBRL include: communications [blank_start]standard[blank_end] that does not [blank_start]execute[blank_end], but [blank_start]represent[blank_end], independent of any [blank_start]proprietary[blank_end] hardware (& software [blank_start]platforms[blank_end]) & ensures [blank_start]electronic[blank_end] transmission of financial reporting data with little or no [blank_start]human[blank_end] intervention
1. Astandard
2. Bexecute
3. Crepresent
4. Dproprietary
5. Eplatforms
6. Felectronic
7. Ghuman
19In XBRL tag names & value arguments are [blank_start]agreed[blank_end] & [blank_start]classified[blank_end] to dis/aggregate data ([blank_start]taxonomy[blank_end]). Classification is based on [blank_start]similarities[blank_end] between data items (e.g. assets, liabilities & equity) & [blank_start]items[blank_end] in financial reports such as income statement & statement of financial position
1. Aagreed
2. Bclassified
3. Ctaxonomy
4. Dsimilarities
5. Eitems
20Benefits of XBRL include: [blank_start]increased[blank_end] data quality, [blank_start]elimination[blank_end] of duplicated data, [blank_start]increased speed[blank_end] of processing, [blank_start]streamlined[blank_end] reporting processes, [blank_start]automated[blank_end] data handling, reduced [blank_start]compliance[blank_end] costs, reduced [blank_start]regulatory[blank_end] burden, [blank_start]one-time filing[blank_end], reduced [blank_start]operating[blank_end] cost, reduced cost of [blank_start]reporting[blank_end], enhanced [blank_start]competitive advantage[blank_end], reduced [blank_start]audit[blank_end] costs & reduced [blank_start]risks[blank_end] due to [blank_start]increased[blank_end] data integrity
1. Aincreased
2. Belimination
3. Cincreased speed
4. Dstreamlined
5. Eautomated
6. Fcompliance
7. Gregulatory
8. Hone-time filing
9. Ioperating
10. Jreporting
11. Kcompetitive advantage
12. Laudit
13. Mrisks
14. Nincreased
21Inline XBRL (iXBRL)- XBRL with [blank_start]additional[blank_end] formatting to create [blank_start]human-readable[blank_end] document. Therefore, it's able to overcome need to produce both [blank_start]machine[blank_end] & [blank_start]human-readable[blank_end] financial reporting information. Using iXBRL, in principle [blank_start]only one[blank_end] file is needed to satisfy all [blank_start]users[blank_end] of financial reporting data
1. Aadditional
2. Bhuman-readable
3. Cmachine
4. Dhuman-readable
5. Eonly one
6. Fusers
22iXBRL is achieved by ‘[blank_start]outsourcing[blank_end]’ formatting information from [blank_start]actual code[blank_end] by only linking to [blank_start]CSS (Cascading Style Sheets)[blank_end] file. [blank_start]CSS[blank_end] represents [blank_start]presentation[blank_end] semantics (format, look)
1. Aoutsourcing
2. Bactual code
3. CCSS (Cascading Style Sheets)
4. DCSS
5. Epresentation
23Some regulatory authorities are requiring use of [blank_start]iXBRL[blank_end] rather than [blank_start]normal XBRL[blank_end]. Most companies prepare & publish annual reports using [blank_start]graphics[blank_end] & [blank_start]pictures[blank_end] & may continue to provide [blank_start]PDF formats[blank_end] of their annual reports. As more regulators require [blank_start]iXBRL[blank_end], companies will most likely publish their financial statements & annual reports as [blank_start]web pages[blank_end] only
1. AiXBRL
2. Bnormal XBRL
3. Cgraphics
4. Dpictures
5. EPDF formats
6. FiXBRL
7. Gweb pages
24Two uses of iXBRL are [blank_start]regulatory filing[blank_end] & [blank_start]integrating[blank_end] non-compatible accounting [blank_start]systems[blank_end]
1. Aregulatory filing
2. Bintegrating
3. Csystems
25(i)XBRL can be used to [blank_start]communicate[blank_end] financial reporting information to any [blank_start]party[blank_end] adopting standard ([blank_start]internal[blank_end] & [blank_start]external[blank_end]). Basis for [blank_start]integrating[blank_end] data that comes from all kinds of sources (suppliers, customers), no matter their [blank_start]size[blank_end]
1. Acommunicate
2. Bparty
3. Cinternal
4. Dexternal
5. Eintegrating
6. Fsize
26Global Ledger Taxonomy (GLT) may assist companies with different [blank_start]internal[blank_end] accounting systems. It provides [blank_start]system-independent[blank_end] way for users to communicate any [blank_start]information[blank_end] typically found in [blank_start]chart of accounts[blank_end] or actual accounting transactions
1. Ainternal
2. Bsystem-independent
3. Cinformation
4. Dchart of accounts
27Any accounting software with an [blank_start]instance document[blank_end] (contains taxonomy and data) can create an [blank_start]XBRL[blank_end] document
1. Ainstance document
2. BXBRL
28SAP (for larger businesses) uses its [blank_start]Business Objects[blank_end] reporting tool to create XBRL files according to [blank_start]SEC[blank_end] & [blank_start]HMRC[blank_end] regulations. Also, SAP allows [blank_start]customised XBRL[blank_end] files by extending standard [blank_start]taxonomies[blank_end]
1. ABusiness Objects
2. BSEC
3. CHMRC
4. Dcustomised XBRL
5. Etaxonomies

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Description: User has deleted their subject information Quiz on Lecture 6- Extensible business reporting language (XBRL), created by Deleted user on 12/07/2021.
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Language: English
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History: Created on 12 Jul 2021 · updated on 12 Jul 2021
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Lecture 6- Extensible business reporting language (XBRL)

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