XBRL Creates Certain Benefits for Both Accountants and Organizations

question 11

Essay

XBRL creates certain benefits for both accountants and organizations.Consider the statements below; rewrite each one to reflect a benefit of XBRL.1) A company with divisions in more than one country will have to cope with differences in hardware, software, language, currency and terminology in preparing its consolidated financial statements.2) Decision making in accounting information systems that do not use XBRL may be slow and inefficient because information is not as readily available.3) SEC and IRS filings can be very time consuming without XBRL.4) The bookkeeping process in view-driven accounting information systems is costly and prone to error because it constantly rearranges previously collected data into new forms.5) Without the benefit of XBRL, accountants spend a lot of time gathering data and formatting it based on the decisions to be made with it.

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Definitions:

Late 1800s

A period marking the end of the 19th century, characterized by significant industrial, social, and cultural changes.

Fundamental Components

Basic and essential parts or elements that make up a complex system or concept.

Conscious Experience

The aware state of the mind that includes thoughts, feelings, and perceptions that one can reflect upon.

Functionalism

Functionalism is a perspective in psychology that focuses on how mental and behavioral processes function - how they enable the organism to adapt, survive, and flourish.