Saturday, May 21, 2011

Enabling Compliance and Business Improvements through XBRL

In a world where investors and shareholders expect 100% accountability among companies, executives constantly struggle to find ways to promote transparency in their accounting information. Few would deny that the recent XBRL mandate by the US Securities and Exchange Commission (SEC) has profoundly changed the world of financial reporting. Aberdeen has examined accounting practices across businesses to understand the processes and technologies they have in place to address financial calculation, compliance, and audit control. This study aims to demonstrate that top-performing companies can achieve a high-level of success in financial reporting accuracy and accounting efficiency though a strategic combination of process re-engineering and XBRL technology implementation.

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