Exam 9: Reporting Processes and Extensible Business Reporting Language XBRL

XBRL GL,or XBRL Global Ledger Taxonomy,is different from XBRL US GAAP because it facilitates:

Data mining is often used to find patterns in stock prices to assist technical financial stock market analysts,or in commodities or currency trading.What are the benefits and concerns with using data mining to find patterns in stock prices? What would you need to feel comfortable enough to trade on these patterns?

How would XBRL GL be used for internal uses such as management accounting?

Data warehouses often serve as the main repository of the firm's historical data,or in other words,its corporate memory,and will often serve as an archive of past firm performance.Besides past financial performance,what historical data would a firm like McDonald's be interested in archiving in its data warehouse?

Why would competitor information be included in a data warehouse? How would it be used?

There is a different XBRL taxonomy for each country,including XBRL Australia,XBRL Canada,XBRL Germany,XBRL Japan,XBRL-Netherlands,XBRL-US,and XBRL-UK.What would happen if there were only one XBRL taxonomy for all countries?

Name three internal and three external databases that you think should be included in a data warehouse for Ford,Chrysler or General Motors.Support your answer.

Name three internal and three external databases that you think should be included in a data warehouse for Apple or Google.Support your answer.

Why would the company want XBRL assurance if the IRS or SEC were going to be using its data?

XBRL GL (also known as XBRL Global Ledger Taxonomy)serves as a means to facilitate efficient communication within a firm.

XBRL stands for

Ford may use business intelligence to:

The stated advantages of XBRL GL include:

Why is XBRL needed in the financial community? In your opinion,why did the Securities and Exchange Commission mandate its usage? What does it provide that was not available before XBRL?

Data warehouses are often designed to facilitate decision making such as those often used in managerial accounting and facilitate management by exception,such as variance reports,trend reports,variance analysis reports,and reports that show actual performance are compared to budgeted information.

Digital Dashboard tracks in a user-friendly way:

XBRL serves as a means to electronically communicate business information to facilitate business reporting of financial and nonfinancial data to users.XBRL greatly enhances the speed and accuracy of business reporting.

Data mining is considered a technique of

XBRL allows highly disaggregated data so not only is it possible to know the level of sales,but it is possible to know sales revenue in much more detail.

How would XBRL GL facilitate the SEC-required XBRL submission of a company's regulatory filings?