Rufla Bhd was founded in 2011, based in New York and Cambridge, Massachusetts. Rufla Bhd is a financial data platform designed for detailed fundamental research. The organization was created by former analysts and supported by a team of financial experts with serious credentials in Finance, Accounting, and Applied Mathematics. Mr Pranav and Mr Alex are the co-founders of Rufla Bhd where Mr Pranav is the CEO while Mr Alex is the CTO. Rufla helps analysts looking to go a level deeper become more productive and accurate in their financial analysis. With Rufla, analysts can systematically access all the data both in numbers and text in financial statements, including the details hidden within the footnotes. The main clients of Rufla Bhd are the equity analyst, corporate finance companies, auditors and academicians. In today’s world, information technology is important in our lives because it helps to deal with every day’s dynamic things. Technology offers various tools to boost development and to exchange information. Both of these are evidence that the information technology is crucial in order to assist in daily operation and make tasks easier and solve problems. Rufla has a total of 150 staffs and expanding rapidly. Each day Rufla’s employees record their hours worked on timecards, which their supervisors review for correctness and submit to the payroll department at the end of the work week. Using a terminal connected to the central payroll system, which is located in the data processing department, the payroll clerk inputs the timecard data, prints hardcopies of the paycheques, prints two copies of the payroll register and post to digital employee records. The payroll clerk files the timecards in the payroll department and sends the employees’ paycheques to the respective supervisors for review and distribution to their respective department employees. The payroll clerk then sends one copy of the payroll register to the AP department and files the other with the timecards in the payroll department. Then the AP department will review and submits the voucher and payroll register to the general ledger department. Mr Ramli is the director of special projects and analysis for Rufla Bhd. He is responsible for preparing corporate financial analyses and monthly statements and for reviewing and presenting the financial impacts of proposed strategies to upper management. Data for such financial analyses are obtained from operations and financial databases through direct queries of Rufla's department staff. Reports and charts for presentations are then prepared by hand and typed. Multiple copies are prepared and distributed to various users. The pressure on Rufla's group has intensified as demand for more and more current information increases. A solution to this reporting problem must be found. The systems department wants to develop a proprietary software package to produce the reports automatically. The project would require the company to make a considerable programming investment. Rufla is concerned about the accuracy, completeness, and currency of data in automatically produced reports. He has heard about a reporting system called XBRL and wonders whether a new system based on this technology would be more effective and reliable. Rufla Bhd needs a system that enables them to exchange business information across a reporting chain. Rufla is seeking for an information technology system that allows them to share information, publish performance information and allow straight through information processing to all of the clients to rely on. a) Determine if this XBRL technology is appropriate for internal reporting projects such as in the case. Provide SIX (6) reasons to support your answer. b) Identify THREE (3) enhancements to the current information and reporting that the company could realize by using XBRL.
Rufla Bhd was founded in 2011, based in New York and Cambridge, Massachusetts. Rufla Bhd is a financial data platform designed for detailed fundamental research. The organization was created by former analysts and supported by a team of financial experts with serious credentials in Finance, Accounting, and Applied Mathematics. Mr Pranav and Mr Alex are the co-founders of Rufla Bhd where Mr Pranav is the CEO while Mr Alex is the CTO.
Rufla helps analysts looking to go a level deeper become more productive and accurate in their financial analysis. With Rufla, analysts can systematically access all the data both in numbers and text in financial statements, including the details hidden within the footnotes. The main clients of Rufla Bhd are the equity analyst, corporate finance companies, auditors and academicians.
In today’s world, information technology is important in our lives because it helps to deal with every day’s dynamic things. Technology offers various tools to boost development and to exchange information. Both of these are evidence that the information technology is crucial in order to assist in daily operation and make tasks easier and solve problems.
Rufla has a total of 150 staffs and expanding rapidly. Each day Rufla’s employees record their hours worked on timecards, which their supervisors review for correctness and submit to the payroll department at the end of the work week. Using a terminal connected to the central payroll system, which is located in the data processing department, the payroll clerk inputs the timecard data, prints hardcopies of the paycheques, prints two copies of the payroll register and post to digital employee records. The payroll clerk files the timecards in the payroll department and sends the employees’ paycheques to the respective supervisors for review and distribution to their respective department employees. The payroll clerk then sends one copy of the payroll register to the AP department and files the other with the timecards in the payroll department. Then the AP department will review and submits the voucher and payroll register to the general ledger department.
Mr Ramli is the director of special projects and analysis for Rufla Bhd. He is responsible for preparing corporate financial analyses and monthly statements and for reviewing and presenting the financial impacts of proposed strategies to upper management. Data for such financial analyses are obtained from operations and financial
The systems department wants to develop a proprietary software package to produce the reports automatically. The project would require the company to make a considerable programming investment. Rufla is concerned about the accuracy, completeness, and currency of data in automatically produced reports. He has heard about a reporting system called XBRL and wonders whether a new system based on this technology would be more effective and reliable. Rufla Bhd needs a system that enables them to exchange business information across a reporting chain. Rufla is seeking for an
a) Determine if this XBRL technology is appropriate for internal reporting projects such as
in the case. Provide SIX (6) reasons to support your answer.
b) Identify THREE (3) enhancements to the current information and reporting that the
company could realize by using XBRL.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
