9.1. Diseño de una herramienta virtual
9.2.3. Principales beneficios
The use of XBRL standards (eXtensible Business Reporting Language) is of great importance to the business of each company and the perspective of its use are very wide. Regulatory bodies (institutions that have the authority to prescribe certain standards of conduct in the collection of certain information, for example: Commission for securities, stock exchanges, tax authorities, insurance companies, banks, etc.) are commonly used until now classical methods of reporting based on a paper form or unstructured electronic methods of HTML (Hypertext Markup Language) or PDF (Portable Document Format) format. Each regulatory body ("a collector of business information") may prescribe the use of electronic and other structured methods in relation to XBRL (eg. Private electronic methods developed for their own use). In our business environment just mentioned is already present. In a particular required format regardless of whether the data is structured or unstructured single entity (or other applicant data) can transmit business information to data collector. The aforementioned diversity present in the world indicate a need of unification of business reporting.
Recent way of financial reporting is on the website, these are due to the presence of certain experiments in the implementation of possible variations in the development stages. By analyzing we got an answer that there are many different varieties of reporting that companies show on their web sites. Accordingly, interested parties can gain an impression at first glance that there are no clear rules in the presentation of financial statements on the Internet in terms of what exactly is allowed and what should not be allowed in the preparation and presentation of annual financial statements on the Internet. The SEC (Security Exchange Comity) in the United States specifically provides for uniform application of legal rules in the work process, regardless of whether it is implemented in hard copy or electronic technology, in his act that deals with working with securities of values.
The technology which allows precise setting and standardization of new features is based on the use of special software tools standard XML (Extensible Markup Language) - the language created by the W3C (World Wide Web Consortium). XML allows you to create web pages that include identifying information about the items on the Internet such as statements, currency, orders, invoices and similar. International standards, XBRL was also formed on the same model, based on XML language, the protocol developed by the General Accounting Board. The study of comparative financial web site in relation to paper reporting documentation showing that a number of companies on their web site show only the summary information, others do not want to present a complete financial statement.
There is the fact that new technologies, and therefore the implementation of the XBRL standard brings new challenges and new risks (Audit and Control Implications of XBRL, The Canadian Institute of Chartered Accountants, Information Technology Advisory Committee, Toronto, 2002).
Many accounting organizations are set reasonably question how big a business risk is if the business decisions use information from reports prepared using XBRL. The analyzes showed that the risk of errors related to the accuracy of the mappings balance sheet items and the appropriate uses of the related taxonomy.In case the information for the purposes of the financial statements in XBRL methodology are included, there is a need to apply additional controls to ensure that the data are of high quality, accurate and possess the required integrity. The use of XBRL technology does not mean that it will also be prepared and printed financial statements. Companies can choose that a method of financial reporting financial document that has been prepared in accordance with the taxonomy ISA (International Accounting Standards) to be published and posted, and only on the web site. Legislator allows mentioned in the world. From the aforementioned it follows that by analysts and others interested in business analysis can run their own analytical processes of such published data and prepare their comparative report, connect them with information obtained from other companies and shape within a new business report. With the technology of XBRL the mentioned process can be automated and used for retrieval of data from a variety of sources periodically for analysis management.
In the near future, XML will require control data transfer, which is based on the operations of the supply chain. Using the Internet in the process of automation of operations of exchange and transfer of data to be performed manually (including processing purchases, payments, invoicing, delivery, etc.) business environment is expected to adapt the XML standard needs of different activities to almost instantly reduce the total cost of operations.
Since XML exponentially affect the acceleration of business iterations and anyone who wants to start their own business should pay attention to this fact. Regular reporting in addition to shareholders at the same time provide information for decision-makers and others involved in the business chain. In this context, the decision making community (so-called XBRL) was established, which is an adaptation of XML technology for the chain of business information. It is believed that the business process designed to technological solution XBRL reporting has a key advantage over conventional current mode of reporting that is now compiled and distributed. XBRL allows the shortened time period of preparation and low cost of preparation, provides simplified access to information, the ability to cross information by expanding the analytical capabilities as well as better conditions for investment decisions.
In order to timely protect against possible shock of the financial markets it is necessary to examine developments in global business practices in recent years to conclude that measures should be taken. The most appropriate illustration can give us the case of Enron (big American energy giant was formed in 1985th,
before all the gas, and then with electricity, which is the middle in 2001st had about 21,000
employees). Enron's was accounting fraud with poor corporate management and much more. The collapse of Enron implies a total systemic failure of American institutions of capitalism.
Enron's management misled the board of directors. Failed their tasks: internal audit function, external auditors, their lawyers, business printed reports. In other words, American institutions of capitalism that are being advertised and imposed all over the world as it should be operating all are easily betrayed at Enron. The greatest failure of American free-market capital and a direct failure of the SEC is actually Enron. SEC as a government "watchdog" was required to provide adequate and timely disclosure of relevant corporate information, he just not succeeded.
Bankruptcy of Enron and WorldCom accounting is concerned about the workers and small shareholders on the adequacy or inadequacy of GAAP (Generally Accepted Accounting Principles) and a GAAS (Generally Accepted Auditing Standards). The main problem and a potential cause of accounting scandals at opinion of a specialist after numerous analysis is reflected in the quality, or low-quality business disclosure of financial results and the quality of audit reports. Enron was applying the method to mark-to-market accounting for all aspects of their business while reporting to the SEC and public disclosure to analysts of securities. His reporting to the SEC was not objective.
After the accounting scandals of Enron and WorldCom, the U.S. Congress adopted a special law called the "Sarbanes-Oxley Act." This act introduces a new strict rules to protect investors by improving the accuracy and reliability of corporate disclosures. XBRL standard allows many customers to compare the financial performances of the company as opposed to a group of companies. Registered confidence of working with XBRL standard is fully in accordance with the requirements arising from the "Sarbanes-Oxley Act"-a.
The new system of trust should provide SEC with tools for checking to oversee corporate reporting and control their compliance with the criteria defined in the said Act. The tools that have been developed along with the XBRL standard facilitates comparison of the information obtained, and it is considered and expected to be able to eliminate fraud in a timely manner (early acceptance of income, inadequate capitalization of expenses, excessive reserves relating to income, inadequate management of income, etc..). XBRL is characterized by proliferation and the ability of their access to information.
Indicia including XML and XBRL will enable accounting systems to accumulate data from different databases in a concise reporting entities and translate the information needed to create all the elements in internal or external report. XML increases the speed of the internal and external shareholding reporting.
XBRL can optionally be used for that connection ie. linking of selected documents and reports back to the store such data on the disk of the new user, and the operation can be no security risk that should identify which management uses such information. Risk refers to the possibility that the link be exploited and compromised by hackers or others. In this case, additional security measures should be consider, and clear configuration used quality "firewall" with which network and server protect against unauthorized entry and measures such as the use of cryptography data from XBRL methodology. Clear attitude on the safety and security of financial settlements developed using XBRL has to have every accountant and auditor. Must remain the same as in the case of other traditional financial statements of the general a security approach and core control, only the protection technology to be adapted to new technological opportunities.
Application of new technology solutions can include the necessary accounting files that will be digitally signed or individual signed - such files within a document provided by the client by the auditor.
The first implementation of XBRL standards were achieved by the Commission for the Securities, the stock market, banks, tax and customs administration. The first implementation of the current conditions XBRL have accepted a variety of business organizations, auditing and accounting agencies, software for accounting and business intelligence, as well as individual analysts and investors.
At the global level, XBRL is implemented by the SEC (Security Exchange Commission), American Institute of Certified Public Accountants (AICPA), the Australian Prudential Regulations Authority (APRA) (first developed a program for the collection of regulatory data in XBRL). National Tax Administration of Japan leads the world in the application of the XBRL reporting standard and the Tokyo Stock Exchange (Tokyo Stock Exchange) in Asia. The current situation regarding the implementation of XBRL Europe show the following table.
Tabel 2: Progress in the implementation of XBRL standards in Europe
Country/Sector Banking
Sector Business Sector Tax sector Sector statistics of Regulators of securities markets
Insurance
sector Other: stock market, private sector Belgium Obligatory
submission Obligatory submission Obligatory submission Obligatory submission A with project the mandatory filing in Spain, two projects are underway Two projects are underway (EIOPA XBRL SOLVENCY II). Many projects are in the preparation Ten projects ranging from reporting at the local level in Spain to water resources management projects in the Netherlands. Cyprus Obligatory
submission Voluntarily submission Denmark Obligatory
submission Voluntarily submission Voluntarily submission Finland Voluntarily
submission Voluntarily submission France Obligatory
submission Germany Voluntarily
submission Obligatory submission Obligatory submission Obligatory submission Ireland Voluntarily
submission Voluntarily submission Voluntarily submission Italy Obligatory
submission Obligatory submission Lithuania Obligatory
submission Luksemburg Obligatory
submission Voluntarily submission Nederland Voluntarily
submission Voluntarily submission Obligatory submission Voluntarily submission Norway Voluntarily
submission Poland Obligatory
submission Spain Obligatory
submission Obligatory submission Sweden Voluntarily
submission Voluntarily submission Switzerland Voluntarily
submission Great Britain Obligatory
submission Obligatory submission Estonia Obligatory
submission
Source: Gilles, M. (2012).
Most European Union countries, as can be seen, permits or provides for the implementation of XBRL. There are between five and seven million of financial statements in this format in Europe. Regions of the world where the fastest developing XBRL are USA, Japan, Europe, China and Australia.
4. CONCLUSION
At the beginning of the twenty-first century is increasingly question whether the current system of financial reporting appropriate to the era of modern information technology. The globalization of business and accounting response to it have caused the development of global financial reporting tools, as well as global regulators that promote the development and improvement of the quality of financial reporting. The development of information and communication technology makes a major changes in the financial reporting process and the exchange of business information. The development of communication and information technology has enabled the relocation of financial reporting on the Internet. Thanks to the aforementioned business information is now available to everyone, anytime and anywhere. For this purpose, dominant is usage of the International standard for the exchange of business information XBRL.
Its application brings all participants in the financial reporting supply chain advantages such as cost savings for preparation, processing, disclosure and in time. XBRL does not require changes in existing accounting standards, or require companies to disclose more information. XBRL enables automated exchange of information between different business applications while dramatically reducing human involvement.
Benefits of XBRL reflect the savings in cost and time by automating the process. Completely redefine the accounting practice of applying XBRL, increasingly require a high level of analysis with a view to ensuring adequate informational support in decision making. XBRL is a relatively new and software support on which it relies, and may cause some problems of compatibility of software applications. XBRL as each standard has a limited life cycle, and probably will in future pass under appropriate changes. Because XBRL entirely relocated financial reporting on the Internet raises the question of information protection and security.
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Audit and Control Implications of XBRL, (2002) The Canadian Institute of Chartered Accountants, Information Technology Advisory Committee, Toronto,
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