Read "Six Steps to XBRL" by Phillips, Bahmanziari, and Colvard in the February 2008 issue of Journal of Accountancy.
a. Is XBRL relevant to companies that don't file with the SEC? Justify your response.
b. List the six steps the authors recommend for creating XBRL-tagged documents.
c. How many XBRL-tagged filings did the SEC receive as part of its voluntary program?
d. With respect to Dragon Tag software:
i. What are the elements of an entity profile?
ii. What is a "hopper"?
iii. What is "validation"? Why is it important?
(a) XBLR is not relevant only to companies that file with the SEC, but to those that don't file with the SEC as well. This is because XBRL serves other purposes other than filing of SEC reports. XBRL is also used for submitting information to other agencies such as the IRS. It is also used for submitting information to banks, so it is relevant to companies that don't ...
This solution examines the relevance of XBRL to companies that don't file with the SEC, and justifies why XBRL is important even to such companies. The solution also highlights the six steps that the authors recommend for creating XBRL-tagged documents. Lastly, the solution examines the meaning of various terms with respect to Dragon Tag software.