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XBRL Taxonomy Financial Reporting for Commercial and Industrial Companies, US GAAP 2000-07-31 Editors: Sergio de la Fe, Jr. CPA, KPMG LLP Charles Hoffman, CPA, XBRL Solutions, Inc. Elmer Huh, Morgan

How to fill out xbrl taxonomy financial reporting

How to fill out XBRL taxonomy financial reporting:

1. Understand the purpose of XBRL: XBRL stands for eXtensible Business Reporting Language, and it is a standardized format used for reporting financial information. Before filling out XBRL taxonomy financial reporting, it is important to understand the purpose and benefits of using XBRL in financial reporting.
2. Familiarize yourself with financial reporting requirements: Different jurisdictions may have specific financial reporting requirements, and it is crucial to be aware of these requirements before filling out the XBRL taxonomy. This may include understanding the specific reporting frameworks and accounting standards relevant to your industry or region.
3. Choose the appropriate XBRL taxonomy: XBRL taxonomies define and organize the structure of financial information for reporting purposes. It is necessary to select the correct taxonomy that aligns with the specific reporting requirements and standards you need to comply with. The taxonomy may differ based on factors such as industry, jurisdiction, and reporting framework.
4. Map financial data to XBRL elements: XBRL elements represent individual pieces of financial data, such as revenues, expenses, assets, liabilities, etc. To fill out XBRL taxonomy financial reporting, you need to map the relevant financial data from your company's financial statements to the appropriate XBRL elements. This mapping process ensures accurate representation and consistency of financial information.
5. Validate and review the XBRL instance document: Once you have filled out the XBRL taxonomy, it is essential to validate the XBRL instance document for accuracy and completeness. Several XBRL validation tools are available that can help identify any errors or inconsistencies in the financial data and taxonomy structure. Additionally, it is crucial to review the document to ensure it reflects the intended financial information accurately.

Who needs XBRL taxonomy financial reporting:

1. Publicly traded companies: Many regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States, require publicly traded companies to submit their financial reports in XBRL format. This helps standardize financial reporting and facilitates analysis and comparison of financial data across different companies.
2. Regulators and government agencies: XBRL taxonomy financial reporting is valuable for regulators and government agencies as it simplifies the process of collecting, analyzing, and monitoring financial information. It enhances transparency, ensures data consistency, and facilitates the exchange of financial information between different regulatory bodies.
3. Financial analysts and investors: XBRL taxonomy financial reporting provides financial analysts and investors with standardized and structured data, making it easier to analyze and compare financial performance across different companies. It allows for more efficient analysis, trend identification, and benchmarking.
4. Credit rating agencies and auditors: Credit rating agencies and auditors often rely on XBRL taxonomy for financial analysis and assessment. Standardized financial reporting through XBRL enables them to evaluate the creditworthiness and financial stability of companies accurately.

In conclusion, filling out XBRL taxonomy financial reporting involves understanding the purpose of XBRL, knowing the financial reporting requirements, selecting the appropriate taxonomy, mapping financial data to XBRL elements, and validating the XBRL instance document. The stakeholders who need XBRL taxonomy financial reporting include publicly traded companies, regulators, government agencies, financial analysts, investors, credit rating agencies, and auditors.

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