This post was originally published on the Hitachi XBRL blog For many businesses filing their financial statements using XBRL to comply with the SEC mandate, the phrase “extension taxonomy” is a largely misunderstood term. There is a narrow view that it is only about adding brand-new company-specific elements which do not exist in the base [...]
Archive for February, 2010
Your XBRL Extension Taxonomy: It’s Not Just About Adding New Tags
Interactive Data: Phone a Friend At The SEC
Many SEC reporting managers may not look to the SEC as an obvious place to seek quick answers to the details of new rules. I would expect an inquiry call to go unreturned, or the answer to be riddled with caveats. But the reality is that the SEC wants XBRL to succeed, and has devoted [...]
Is There A Draft In Here? Using ACH to Reduce Overdraft Fees
An ACH transfer is a means of sending money electronically from one bank to another. ACH stands for Automatic Clearing House. Used effectively, ACH transfers can help businesses concentrate idle balances into interest-bearing accounts overnight – where your money earns more than in depository accounts. For large, dispersed organizations (like retailers), operating multiple locations that [...]
The 7 Habits of Highly Effective Balance Sheet Reconciliation
Account reconciliation is an underappreciated control, one which has become increasingly important with the advent of Sarbanes-Oxley (SOX). In the past, when inconsistencies were discovered, a Staff Member could simply create an adjusting entry to ensure that the company financials were accurate. But section 404 of SOX requires a whole new level of diligence. In [...]
Automating Financial Reporting: It’s All About Momentum
Financial Reporting has been overlooked in finance reengineering initiatives – mostly because it’s not a huge source of financial risk, and is not generally a significant cost center. In most companies the financial reporting process remains largely manual: document roll-forward, gathering input from around the globe, assembling packets of redlines, data input – all are [...]
