If you have managerial responsibility for the preparation of external financial reports
, you'll benefit from being a regular reader of this column.
In turn, customers can realize more time for strategic analysis by automating routine workflows, reduced audit fees from auto-generated evidence binders and increased accuracy of financial reports
Confidence in financial reports
and the work of auditors has been shaken, which has carried consequences for the future of the accounting profession in terms of its status, reputation and attractiveness as a career.
"XBRL is being embedded in information systems and financial reports
and will satisfy small and large business reporting needs," says Melancon.
produced by companies domiciled in various countries contain financial statements based on very different accounting standards.
Publicly traded insurance organizations are being forced to assume full responsibility for the information included in their financial reports
and to review and certify the procedures by which they gather, index and compile this information.
"XBRL benefits the entire business reporting value chain, including the companies that prepare financial reports
, as well as the capital markets and investors who rely on and use this information.
Efforts to improve the financial reporting process in the last few years have resulted in advancements in three key areas: corporate governance, the process of preparing financial reports
, and the audit of financial reports
People will use it when they discover how much time and money it can save them, by automating and speeding up the process." Indeed, he says the SEC wants it because it will make financial reports
much more useful.
Unless otherwise specified, pronouncements of the GASB apply to financial reports
of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities.