XBRL

To my knowledge and research I believe implementing XBRL will benefit the company today and in the future. It is a large organization publicly traded and to provide the investor with the best information XBRL will be beneficial. “It is a language that is made for the electronic communication of business and financial data and is changing how the business reporting is done around the world.” ( http://www.xbrl.org/WhatIsXBRL/) Switching to XBRL it is said that the publishing expenses can be cut up to 46 percent. (http://www.ey.com/global/content.nsf/International/XBRL-How_Can_It_Be_Used)

The business should use XBRL because it is already using ACCPAC which is compatible with XBRL, it would give a competitive advantage, and it cuts down on data manipulation. According to the Microsoft website, I believe it will give the competitive advantage because the time and cost that would have to be spent is no longer needed now that the data is copied into the XBRL format and by that the data is now easy to share to the outside market and the business can focus more on its services instead of presentation.

First of all the business can use XBRL to publish the financial reports on the market because it is publicly traded. These financial reports would include all financial statements needed and detailed financial and operational reporting information. The publishing of the reports are also good for regulatory reporting for tax agencies and industry regulations (http://www.ey.com/global/content.nsf/International/XBRL-How_Can_It_Be_Used) Generally XBRL benefits the company because it eases the understanding of the reporting for anyone looking at the data.

To start using XBRL it is suggested that the company checks with the local jurisdiction depending on the nature and circumstances of the reporting. They way that XBRL use to be was to create the script yourself but today many software programs are compatible and will do it for you and just follow the steps.

As an accountant, to stay up-to-date on the latest information, benefits, and understanding of its implementation I would suggest joining a consortium. (http://www.tie.nl/docs/BDDocument.asp?Action=VIEW&ID=%7BB94C1CC3-0E42-4DDA-BE56-C155911044F3%7D) It seems XBRL is still very fresh in the market but is catching on fast so by joining new information will always be at your finger tips.