Thursday, February 22, 2007
1:30 - 5:30 p.m.
College of Business Administration Lab 106
Extensible Business Reporting Language (XBRL) has entered the center stage with the Security and Exchange Commission's voluntary program, which allows companies to file their financial statements in XBRL format. Parallel developments and success stories across several industries (including banking and financial industry (e.g., FDIC) and international accounting regulators including IASB) indicate XBRL's potential to impact financial and business processes across many industries and company types. XBRL leverages the standardized XML framework to revolutionize future financial reporting by companies. But XBRL isn't just about financial reporting; it is about broader business reporting, standardizing the flow of data from initial transaction through to end reporting, be it financial, tax, statutory, statistical or management. Therefore, companies of all sizes can benefit from XBRL.
In this intense half-day hands-on workshop, participants will learn about the basics of XBRL; how to create XBRL-based financial statements; how to prepare an organization's financial system for XBRL-based financial reporting; risk and control issues in using XBRL; and benefits and costs of XBRL. The workshop will emphasize both accounting and technology issues and will have an applied focus. Academics can use the knowledge acquired from the workshop for both teaching and research. Professionals can use the knowledge to implement XBRL in their accounting and financial reporting systems.
No prior knowledge of XBRL or other similar technologies is needed.
The workshop will be conducted by Eric Cohen, who is a pioneer and internationally recognized expert in XBRL.