7.XBRL GL, or XBRL Global Ledger Taxonomy, is different from XBRL US GAAP because it facilitates: Show
Get answer to your question and much more 8.The stated advantages of XBRL GL include: Get answer to your question and much more 9.XBRL assurance is generally expected to include all of the followingexcept:a.Assurance that the most current, standardized XBRL taxonomy is used.b.Assurance that the underlying financial and nonfinancial data that is used in XBRL tagging isreliable.c.Assurance that the XBRL tagging is accurate and complete.d.Assurance that reports include all relevant financial and nonfinancial information. 10.XBRL does all of the following except: Get answer to your question and much more Accountings systems store transactional details in data stores called ledgers. These records, in turn, consolidate, eliminate and aggregate data up into reports. Generally this involves the loss of relevant supporting details. XBRL GL is the standard in the XBRL family that allows this information to be retained and controlled. Summary reports lose their connection to supporting details.XBRL is mostly used to allow the unambiguous transfer of aggregate performance information, from place to place and organisation to organisation. From company to regulator. From government agency to central government agency. From subsidiary to headquarters. From supplier to customer. All at a summary level, suitable for making many decisions. Summary data is often all you need. But what if you want to drill down to the detail? XBRL Global Ledger or “XBRL GL” provides that capability. Electronic accounting and ERP systems work at a transactional level by storing a range of information about each individual entry in a specialised ledger, which, in turn, is summarised into a general ledger. The data in the general ledger are themselves summarised in order to provide reports. In doing so, especially if the information is moved from its originating system, much or all of the details of each original transaction become unavailable. XBRL Global Ledger: the open standard for transactional reportingTo get around this problem, you need a standard way to capture, archive, transmit and aggregate all of the information contained in the original ledgers, as well as what’s in the general ledger, journal entries etc. You need a standardised way to store all of the operational data and data definitions contained in an accounting or ERP system. XBRL GL is designed to do just that. XBRL GL can:
XBRL GL (“Global Ledger” not “General Ledger” so as to indicate that any transactional information can be dealt with) provides a generic and system-independent way to record all of the details in any kind of ledger. XBRL GL allows those transactions to be aggregated or rolled up for a wide variety of reporting purposes, while retaining the ability to drill back down to the detail. Because the connections between counter-parties and products can be retained, XBRL GL can also be used to manage eliminations between related accounts. The potential cost savings and enhanced knowledge that XBRL GL can provide are significant. While XBRL GL has been part of the XBRL standard for a long time, in many ways it is only coming into its own now that so called “big data” technologies that can aggregate very large quantities of disparate information have become available. Find out more
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Terms in this set (15)A subset of a data warehouse is called a: A. data martian. C. data mart A data warehouse may include: C. competitor information American Airlines may use business intelligence to: E. All of the choices are correct. The computer-based technique to accumulate and analyze data is called: C. business intelligence. The steps in business intelligence include: C. gather information, analyze data for patterns, make decision. A digital dashboard tracks, in a user-friendly way: D. critical business processes. XBRL facilitates business reporting of: A. financial and nonfinancial information. The first person to propose using XML as a means to electronically deliver financial information was: D. Charles Hoffman. XBRL GL, or XBRL Global Ledger Taxonomy, is different from XBRL U.S. GAAP because it facilitates: D. efficient communication within a firm. The stated advantages of XBRL GL do not include: B. scalability. What is the mechanism called that firms may use to track their marketing efforts? A. Digital dashboard XBRL assurance might include all but which of the following: A. The XBRL tagging is useful to investors. The XBRL style sheet is made in conformance with which standardized language? C. XSL Which body mandated that operating firms in its jurisdiction submit their financial reports using XBRL? B. SEC
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Xbrl gl, or xbrl global ledger taxonomy, is different from xbrl us gaap because it facilitates:
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