Accounting Information System report about XBRL(Revolutionizing the Reporting Process).
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XBRL is a standard that has been build up to advance the manner in which financial data is communicated. XBRL makes it easier to compile and share data. XBRL is a form of extensible markup language which is used for organizing and defining data. The purpose of XBRL is to automate business information requirements such as the development of audit schedules, sharing, preparation and examination of balance sheet/income statement/ statement of cash flows. If XBRL is introduced, Great Lakes Cargo, Inc will be able to automate the processing of important information by computer software, reducing manual re-entry of information and assessment. XBRL is different from other financial software because computers can treat XBRL data "intelligently". Computers recognize the information in a XBRL document, choose the information, scrutinize it, store it, swap it with other computers and present it automatically in several different ways. XBRL speeds up the handling of financial data, decreases the possibility of mistakes and allows automatic scrutiny of information. Great Lakes Cargo, Inc can use XBRL to save costs and streamline its processes for collecting and reporting financial information. Those who use financial information can get information quickly, compare and evaluate data much faster if it is in XBRL. Great Lakes Cargo, Inc can make analysis with regards to the commodity, the lake of landing and the quantity carried.
XBRL has great capacity for handling important information of the Great Lakes Cargo, Inc. the data can be handled in different languages and can be adapted to different accounting standards. It can be modified to meet different requirements and uses. Transportation data can be transformed into XBRL by using suitable mapping tools or can be ...
Accouting Information System is discussed very comprehensively in this explanation..