...Information Systems: An Overview—1.5 * Overview of Business Processes—2.4 and 2.7 Clearly label the problems. Prepare your assignment in a Microsoft Word document. Save the document as SU_ACC3010_W1_A3_LastName_FirstInitial.doc. Submit your assignment to the W1: Assignment 3 Dropbox by Sunday, August 7, 2011. Cite any sources using the APA format on a separate page. Note: Explain the calculations, if any, you perform to solve the problems. Assignment 3 Grading Criteria | Maximum Points | Correctly completed all the problems assigned. | 25 | Appropriately applied the concepts learned to answer the questions. | 5 | Presented a structured document free of spelling and grammatical errors. | 5 | Cited sources correctly using the APA format. | 5 | Total: | 40 | Imsorry 1.5 Research the programming language XBRL and write a two-page report about its effect on financial reporting via the Internet. http://www.xbrl.org/WhatIsXBRL/ XBRL's beginning can be traced to the initial efforts of one person, Charles Hoffman, a certified public accountant from Tacoma, Washington. XBRL (eXtensible Business Reporting Language) is a freely available, market-driven, open, and global standard for exchanging business information. XBRL allows information modeling and the expression of semantic meaning commonly required in business reporting. XBRL is XML-based. One use of XBRL is to define and exchange financial information, such as a financial statement. XBRL is a standards-based...
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...XBRL: ISSUES AND CHALLENGES Erlane K Ghani and Kamaruzzaman Muhammad Throughout the world, a number of key regulators are advocating the need of Extensible Business Reporting Language (XBRL) and trumpeting this tool to be digitalising the financial information value chain thus bringing huge benefits to all relevant parties. Many companies in the world have started to prepare XBRL-based financial reports and the momentum of such practice is growing rapidly (Kernan, 2008). Similar to other countries, Malaysian regulators have also seen the need of adopting XBRL for all companies as a necessity to improve financial reporting. XBRL is seen to assist relevant parties in achieving the objectives of accounting framework in terms of relevance, consistency, timeliness and accuracy. The parties involves in the preparation and the usage of financial information such as the regulators, preparers, users as well as the auditors would have greater access to the financial information via XBRL since XBRL use the Internet as the medium of communication and transmission of information. Due to the greater hyped of XBRL, the Companies Commission of Malaysia (SSM) have set to fully implement XBRL upon completion of a five-year XBRL initiatives initiated by Malaysia’s Registrar of Companies developed under its Strategic Direction Plan II. SSM plans to implement XBRL-based financial reporting in phases starting with listed companies, their subsidiaries and non listed companies followed by private...
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...What is XBRL? What is XBRL? May 2008 Charles Hoffman, CPA (Charles.Hoffman@UBmatrix.com) 1 What is XBRL, the 50,000 foot Perspective Let's first take a look at XBRL from altitude, from the 50,000 foot "big picture" perspective. 1.1 Definition definition of XBRL (from Wikipedia, see XBRL (Extensible Business Reporting Language) is an open standard which supports information modeling and the expression of semantic meaning commonly required in business reporting. XBRL is XML-based. It uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, Namespaces, etc. to articulate this semantic meaning. One use of XBRL is to define and exchange financial information, such as a financial statement. The XBRL Specification is developed and published by XBRL International, Inc. (XII). XBRL is a standards-based way to communicate business and financial information. These communications are defined by metadata set out in taxonomies. Taxonomies capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning. The following is a very good http://en.wikipedia.org/wiki/XBRL): 1.2 The Fundamentals: Better, Faster, Cheaper Fundamentally, this is what XBRL is about: SOURCE: XBRL Essentials, published by the AICPA The components of financial reporting from both a creation and analysis perspective involve: data discovery, re-keying of data, validation of data, reporting, analysis...
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...EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) Submitted in Partial Fulfillment of Course Requirements in Accounting 8320 Spring 2009 Kesha Haley By submission of this paper I certify that this paper is entirely my own work. Further this paper has not been submitted for credit in another course. HALEY - 1 - EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) ABSTRACT The purpose of this paper is to define XBRL, explore the implications of XBRL on auditing, and discuss the advantages and disadvantages of this form of financial reporting. The SEC is now requiring companies to submit financial statements in the XBRL format. A subset of XML (eXtensible Markup Langage), XBRL (eXtensible Business Reporting Language) standardizes the electronic communication of financial data around the world. XBRL will provide benefits, cost savings, increased efficiency, improved accuracy and reliability in the analysis and communication of business information. It may be thought of as the SEC.s answer to the desire of many to have a continuous audit. This paper will first discuss the definition and origins of XBRL, implications on auditing, advantages and finally disadvantages of XBRL. HISTORY AND OVERVIEW Introduced in the 1990.s by Charles Hoffman, eXtensible Business Reporting Language (known as XBRL) is revolutionizing business reporting across the globe (http://en.wikipedia.org/wiki/XBRL). An extension of eXtensible Markup Language (known as XML), XBRL is being used for reporting financial data...
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...The Next Technology Revolution XML XBRL 1 Today’s Objectives • Overview of XML & XBRL • Show you how this technology makes doing EBusiness: – Faster – Cheaper – Better • Conclusion 2 Let’s move up the Value Chain Transactions Data Information Knowledge Decisions Transactions Data Information Knowledge Decisions Transactions Data Information Knowledge Decisions Transactions Data Information Knowledge Decisions 3 Evolution to Web Services Web Program the Web Browse the Web Web Services Text Files Web Pages Innovation FTP, E-Mail, Gopher Connectivity TCP/IP HTML XML 4 Automation Presentation Technology XML XML stands for: eXtensible Markup Language Universally accepted method of exchanging information 5 eXtensible Markup Language • ……is a meta markup language the World Wide Web Consortium (W3C) considers a universal standard for describing both structured data and the behavior of applications that process the language. 6 What Is XML? • “XML is a platform-independent, self-describing, expandable, standard data exchange format 7 XML is Platform Independent • • • • • Windows Unix Macintosh Mainframe Linux 8 XML is Self-Describing Self• Example: – July 26, 1998 • Describes the information, not the presentation • Format neutral 9 XML is Expandable • Whereas HTML has a fixed set of tags – , , • XML lets you create your own tags – – – 10 How does it...
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...Compliments of on IBM Limited Editi ose, Consolidate Cl & Report Learn to: • Distinguish between the closing, consolidating, and financial reporting processes • Use integration and automation to ensure data integrity and streamline CCR activities • Identify the right CCR solution for your organization Maire Loughran These materials are the copyright of Wiley Publishing, Inc. and any dissemination, distribution, or unauthorized use is strictly prohibited. Close, Consolidate & Report FOR DUMmIES by Maire Loughran ‰ IBM LIMITED EDITION These materials are the copyright of Wiley Publishing, Inc. and any dissemination, distribution, or unauthorized use is strictly prohibited. Close, Consolidate & Report For Dummies® IBM Limited Edition , Published by Wiley Publishing, Inc. 111 River Street Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2011 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online...
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...Executive Summary Thank you for giving us the opportunity to cooperate with you. Based on our analysis, we recommend Empire to do a SEC compliance and improve their listing. At the same time, we provide a developed portfolio to give more comments on strategic priorities. Strategic Alignment Empire has opportunities to double its revenues in the next decade. However, it could be achieved only after four major obstacles we have to address in the company. First, Empire is undercapitalized and not fully subscribed shares. Issue IPO could help to raise capital and expand business. Another obstacle is the limited capability of supply chain management within Empire, the incompatible systems with industry standards leads to data exchange difficulty. Moreover, the limited capital and scarce resource restrained front end service capability. Based on the analysis, we recommend Empire to address the B2B, B2C to facilitate the back-end system and front end service. Furthermore, the systems of Empire are not integrated. The use of multiple systems and manual intervention lead to inefficiency in Accounting and Customer Services teams. We recommend Empire to implement ERP to improve the efficiency and growing potential. (Table 1: Strategic Alignment) From the case and our study, there are different projects that could be launched to increase fund, revenue and promote the efficiency. By using scoring we found out that going public is our “must do” project(Table 2: Project Portfolio)...
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...ACCOUNTING INFORMATION SYSTEMS: COURSE OBJECTIVES, DESCRIPTION, TOPICS, AND ASSIGNMENTS ACCT-5600 DR. NICOLAOU Fall 2010 COURSE STRUCTURE In the modern world, the majority of accounting entries occur electronically. Accountants and auditors store information in databases, managed by enterprise systems that have a set of controls to ensure that transactions and record keeping happen as expected. E-business Web sites handle transactions automatically, with the accounting data going directly into the necessary databases. The concept of a paper trail has become a bit of a misnomer; today, because of accounting information systems, there is often no paper involved at all; however, it is important to establish the flow the data in different areas of the organization, or audit trail, so as to properly exercise internal controls. AISs help in this purpose. At the outset of this course, you will learn the basics of accounting information systems and business processes. Next, you will learn about database management systems, and the design of various database models. Finally, you will learn about how to use internal controls effectively for risk management, as well as the requirements for business reporting. After completing this course, you should not only have a clear idea of how accounting information systems work, but you should also be prepared to design and configure them to meet the record-keeping and risk management requirements of the organization. In addition...
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...Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections. Page FASB Accounting Standards Codification ................................................................................... 4 Codification Goals .......................................................................................................................... 5 Codification Research System ........................................................................................................ 6 Content Matters............................................................................................................................... 7 Population of codified standards as of July 1, 2009 ................................................................... 7 Standards issued by standard setters other than the SEC ........................................................ 7 Standards issued by the SEC................................................................................................... 8 Essential and nonessential content ................................
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...Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections. Page FASB Accounting Standards Codification ................................................................................... 4 Codification Goals .......................................................................................................................... 5 Codification Research System ........................................................................................................ 6 Content Matters............................................................................................................................... 7 Population of codified standards as of July 1, 2009 ................................................................... 7 Standards issued by standard setters other than the SEC ........................................................ 7 Standards issued by the SEC................................................................................................... 8 Essential and nonessential content ................................
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...AIS Overview What can an AIS do? * Companies are able to track a variety of things. * The number of hours worked by employees all over the world. * The amount of sales taxes to be paid by one store. Types of AIS: Three categories of AIS: know the difference Manual systems * Generally used by small organizations. Entirely manual system would require: * Source document * Turnaround document- Company output sent to an external party, who often adds data to the document and then are returned to the company as an input document. Machine readable format. Improves accuracy by eliminating the potential for input errors when entering data. Paper based, sent from organization to customer, same doc is returned by customer to organization. * General ledger * General journal * Special journals * Subsidiary ledgers Legacy systems * Existing system, often based on old technology. Advantages are that legacy systems: * Customized to specific needs. * Support unique business processes not inherent in generic accounting software. * Contain invaluable historical data that may be difficult to integrate into a new system. * Well supported and understood by existing personnel. * Disadvantages are that legacy systems: * Costly to maintain. * Often lack adequate supporting documentation. * Hardware needed to maintain may become obsolete. * Not usually based on user-friendly...
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...FA S B L E A R N I N G G U I D E For the Codification Research System Professional View March 1, 2012 Financial Accounting Standards Board of the Financial Accounting Foundation Acknowledgements Bruce Pounder, CMA, CFM, DipIFR (ACCA), was the lead contributor for the Lessons included in the FASB Learning Guide For the Codification Research System. Special thanks to Karen Guasp of the FASB, Mary Nassef of the FAF, and numerous other FASB and FAF staff members for their editorial contributions. Copyright © 2012 by Financial Accounting Foundation, Norwalk, Connecticut. All rights reserved. This publication is for informational purposes only and the content herein is not a substitute for legal, accounting or other professional advice. As such, users should not rely on this publication for instruction, opinions, guidance, advice, or strategies on the interpretation or application of accounting or accounting standards of the Financial Accounting Standard Boards, specifically or generally, and should always consult his or her own professional advisors and discuss the facts and circumstances that apply to the user. While every effort has been made to make the information presented here as complete and accurate as possible, it may contain errors, omissions or misinformation. Neither Financial Accounting Foundation nor the Financial Accounting Standard Boards accepts any liability or responsibility to any person or entity with respect to any loss or damage alleged to have...
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...Assist FASB with the research and international convergence efforts required during the standard-setting process 3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy 4. Clarify that only guidance contained in the Codification is authoritative and other sources are not authoritative 2. List three SEC authoritative guidance, standard and interpretations included in the codification: 1. Regulation S-X (SX) 2. Financial Reporting Releases (FRR)/Accounting Series Releases (ASR) 3. Interpretive Releases (IR) 3. The accounting literature replaced by the FASB Codification includes (list five): 1. Accounting Research Bulletins (ARB) 2. Accounting Principles Board Opinions (APB) 3. AICPA Accounting Interpretations (AIN) 4. Statements of Financial Accounting Standards (SFAS) 5. FASB Interpretations (FIN) 4. For the following five FASB standards (FAS), provide the corresponding ASC Topic#: FAS 141(R): ASC 805 FAS 52: ASC 830 FAS 13: ASC 840 FAS 133: ASC 815 FAS 115: ASC 320 5. Explain the following ASC references: FASB ASC 310-10-05-2: 310 Receivables 10 Overall 05 Overview and Background General 05-2 The Overall Subtopic establishes general guidance for receivables. The guidance is presented in the following two Subsections: a. General b. Acquisition, Development, and Construction...
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...risk: the probability that the information circulated by a company will be false or misleading * ****Assurance: Depend on information professionals to serve as an independent and objective intermediaries who will lend credibility to the information**** * ****Attestations: when the assurance is provided for specific assertions made by management**** Auditing, Attestation, and Assurance Services A. Definition of Financial Statement Auditing * ****Auditing: systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users **** OVERVIEW: Independent auditor – obtains and evaluates evidence knowledge of client’s business, observation of physical assets, inquiry of managers, confirmations from third parties, inspection of documents Management assertions about economic actions and events: * Balance sheet * Income statement * Statement of Cash flows * Footnotes Ascertain degree of correspondence between financial statements and framework: -Audit Report -Other Communications Applicable financial reporting framework: * GAAP * IFRS B. Attestation Engagements * Attestation Engagement: An engagement in which a practitioner is engaged to issue a report on a subject matter, or an assertion about subject...
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...FINANCIAL SYSTEMS FU TURE CHALLENGES IN GROWING COMPLEX E NVIRONMENT DISSERTATION Roszak Sabrina Msc BC & IS Management 1 MSC IS&BCFinancial SYSTEMS FUTURE Challenges in growing complex environment DISS Acknowledgements It is not an easy task going back to school after seven years of work experience. And it is much harder going back to school being a young mum. For this reason, my deepest gratitude goes to my family who has always supported me and helped me in this initiative. Especially, I would like to thank my parents who always believed in me, my husband who encourages me and over all, my son, whose love gave me all necessary energy and strength. I would also like take the opportunity to thank all the teachers from the MSc, especially Ms. Hirzmann who encourages me in my professional choices and future carrier and my professor Mr. Parmantier who helped me complete this dissertation. F inally, I would like to express my gratitude to Mrs. Jalabert, SBM MONACO Finance Director for her time spent answering my questionnaire. 2 MSC IS&BCFinancial SYSTEMS FUTURE Challenges in growing complex environment DISS Glossary BI: Business Intelligence BSC: Balanced Scorecard CFO: Chief Financial Officer CPI: Cost Performance Indicator CPM: Corporate Performance Management CR: Corporate Reporting CRM: Customer Relationship Management EPM: Enterprise Performance Management ERP: Enterprise Resource Planning FASB: Financial...
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