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XBRL: The Present and Future of Business Reporting  

CATEGORY: Technology
Online & Mobile, Download
2 CPE Credits
Level: Basic

The global financial reporting model is changing. Colossal accounting scandals (e.g., Enron, WorldCom, and Parmalat) have changed the perceptions of capital market participants. This fact, along with the significant increase of individual stock traders, has shifted the "power" from preparers (CPAs) to the users (investors) of company information. A major change being implemented in many different countries throughout the world is the emphasis on reporting timely, reliable information. In order to be timely, companies must be able to capture, process, analyze, and report material information to the investing public in a short amount of time. A major technology seen by many in the accounting community as a tool that can accomplish timely and reliable reporting is XBRL (eXtensible Business Reporting Language). The purpose of this program is to acquaint you with what XBRL is, how it "works," how reporting entities are currently using it, and why it is important for you to know about it. If you work for a public company or governmental entity, the odds are XBRL will be adopted and implemented in your workplace sometime over the next two years. Having at least a cursory knowledge of XBRL (through this course) could create a competitive advantage for you on the job and in the marketplace, as compared to those who do not know about it.

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