XBRL impact on the accounting information
3. XBRL impact on the accounting information
As we discuss the accounting information is important on enterprise, below I will further analysis on how the XBRL case the innovation on accounting information system.
First, enhance the transparency of the accounting information. It is important to show transparency information and report to the public. Recently, due to domestic and foreign securities fraud cases happing on the stock market and listed company, accounting transparency are becoming a public topic. Different parties and companies concerned to pay special attention to the problem of accounting transparency.
The XBRL is impossible to eliminate fraud and cheating, but the XBRL could help to improve the transparency of accounting information. Because XBRL will adjudge the company’s financial report compliance with accounting standards by electronic ways, all the other types of the enterprises report also can be adjudged on the same way by XBRL (such as tax returns , or Commission report) . Additionally, XBRL will also help to improve the efficiency of supervision. Using XBRL, all companies report can be go through by analyzing software. Abnormal data in the finical report will be more easily found. Regulators may easily give industry analysts to all the finical report from listed companies.
Secondary, XBRL helps revolution on financial report mode. In 21st century, the companies that like information technology are eager to achieve enterprise real-time reporting within it support, the purpose of this innovation is that can accurately identify problems and business opportunities at any time, this could to help the company achieve the goals and succeed. Thus, it has also become to future goal for accountants. The implementation of XBRL will make the online system is able to work seamlessly. The advantage of using XBRL can be more effective to shorten the company reporting time also save lots of time for accountants. Technically, it contributed to the
As we discuss the accounting information is important on enterprise, below I will further analysis on how the XBRL case the innovation on accounting information system.
First, enhance the transparency of the accounting information. It is important to show transparency information and report to the public. Recently, due to domestic and foreign securities fraud cases happing on the stock market and listed company, accounting transparency are becoming a public topic. Different parties and companies concerned to pay special attention to the problem of accounting transparency.
The XBRL is impossible to eliminate fraud and cheating, but the XBRL could help to improve the transparency of accounting information. Because XBRL will adjudge the company’s financial report compliance with accounting standards by electronic ways, all the other types of the enterprises report also can be adjudged on the same way by XBRL (such as tax returns , or Commission report) . Additionally, XBRL will also help to improve the efficiency of supervision. Using XBRL, all companies report can be go through by analyzing software. Abnormal data in the finical report will be more easily found. Regulators may easily give industry analysts to all the finical report from listed companies.
Secondary, XBRL helps revolution on financial report mode. In 21st century, the companies that like information technology are eager to achieve enterprise real-time reporting within it support, the purpose of this innovation is that can accurately identify problems and business opportunities at any time, this could to help the company achieve the goals and succeed. Thus, it has also become to future goal for accountants. The implementation of XBRL will make the online system is able to work seamlessly. The advantage of using XBRL can be more effective to shorten the company reporting time also save lots of time for accountants. Technically, it contributed to the