The EDGAR database from the Securities and Exchange Commission operates on XBRL and provides comprehensive listing of financial statement submissions by firms. XBRL is a major tool for using financial data to evaluate the financial health of firms on a co
- One new area of accounting that you want to be familiar…with that relates directly to financial statements…and Excel, is the use of XBRL.…XBRL is not a new accounting standard,…but rather it's intended to enhance distribution…and usability in existing financial information.…In other words, it enables us to go through…and evaluate financial statements in an apples to apples…way across different firms.…
XBRL is required for large firms that are publicly traded…and in particular, those large firms have to file…with the SEC through their EDGAR database.…The basic idea, or the purpose of XBRL,…is really to try to reduce the level of difference…between different firms and their financial statements.…That is, to make them a little bit more…comparable across different companies.…So, we're trying to create consistency…for a particular firm, both over time…and across different firms.…
Now, XBRL doesn't have to be difficult to use for a firm.…But the reality is, unfortunately,…it's a real paperwork burden for many companies…
- List the most common tasks and approaches faced by accountants in their daily lives.
- Determine whether transactions can be exported from Quickbooks to Excel or not.
- Outline the structure that the SUMIF function uses.
- Explain how to measure EBITDA.
- Identify at what level the General Ledger tracks expenses.
- Break down how to construct a business valuation using a cash flow analysis.