Michael and Michelle Are Partners in M & M Consulting

question 26

Essay

Michael and Michelle are partners in M & M Consulting, a firm that specializes in technology-related issues for accounting information systems. They are currently working with a large publicly-traded corporation to implement XBRL for financial reporting to the SEC. The partners are illustrating XBRL to the client's board of directors using a purchase order as an example.
-M & M's client currently employs over 100 accounting staff. Each quarter, they must consolidate the financial information from the client's international subsidiaries and prepare a report for the SEC-a process that frequently takes three to four weeks. Discuss ways XBRL can help the client save time and money in its accounting processes.

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Definitions:

Federalist Sympathy

Refers to the support or alignment with Federalist principles, including a strong central government and support for commerce and industry, primarily in the early United States.

Democratic-Republicans

A political party in the United States in the late 18th and early 19th centuries, founded by Thomas Jefferson and James Madison, advocating for states' rights and agricultural interests.

Antislavery Movement

A movement aimed at ending the practice of slavery and the slave trade.

Colonization Movement

An initiative primarily in the 19th century aimed at encouraging African Americans to migrate to Africa, particularly Liberia, as a solution to racial problems in the United States.