Overview Shah presents 23 best practices to implement and examine how the shape of regulatory data collection process may change in the future through using extensible business reporting language (XBRL). Read this article before you begin your assignment: The Road to Making Regulation More Efficient: A Case Study in the Application of Best Practices and Data Standards in Regulatory Reporting. Instructions in which you: Research an existing small to medium-sized business that does not have an established accounting information system (AIS). Make sure you clearly identify what business line, product type, and market position. Implement at least 5 of the 23 best practices in the reporting process within the organization. Provide details to either enforce existing practices or introduce them if they do not exist. You can select any practices you like. Explain the impact of the best practices you selected on the reporting process. Describe how the best practices align with the XBRL application. Explain how the best practices would impact the business's operations and decision-making processes. Use at least five quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources. This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all supports. Check with your professor for any additional instructions. The specific course learning outcomes associated with this assignment is: Propose recommendations for implementing XBRL to benefit a company's financial reporting.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Overview

Shah presents 23 best practices to implement and examine how the shape of regulatory data collection process may change in the future through using extensible business reporting language (XBRL).

Read this article before you begin your assignment:

The Road to Making Regulation More Efficient: A Case Study in the Application of Best Practices and Data Standards in Regulatory Reporting.

Instructions

in which you:

Research an existing small to medium-sized business that does not have an established accounting information system (AIS). Make sure you clearly identify what business line, product type, and market position.

Implement at least 5 of the 23 best practices in the reporting process within the organization. Provide details to either enforce existing practices or introduce them if they do not exist. You can select any practices you like.

Explain the impact of the best practices you selected on the reporting process. Describe how the best practices align with the XBRL application.

Explain how the best practices would impact the business's operations and decision-making processes.

Use at least five quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all supports. Check with your professor for any additional instructions.

The specific course learning outcomes associated with this assignment is:

Propose recommendations for implementing XBRL to benefit a company's financial reporting.

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