Moving To Electronic Financial Statements
Financial statements have been created on paper for hundreds of years. The growth of the Web has seen more and more financial statements created in an electronic form which is exchangeable over the Web. Common forms of electronic financial statements are PDF and HTML. These types of electronic financial statements have their drawbacks in that it still takes a human to read the information in order to reuse the information contained in a financial statement.
More recently a market driven global standard, XBRL (Extensible Business Reporting Language), which can be used for creating financial statements in a structured and computer readable format, has become more popular as a format for creating financial statements. Many regulators around the world such as the U.S. Securities and Exchange Commission have mandated XBRL for the submission of financial information.
The UN/CEFACT created, with respect to Generally Accepted Accounting Principles, (GAAP), internal or external financial reporting XML messages to be used between enterprises and their partners, such as private interested parties (e.g. bank) and public collecting bodies (e.g. taxation authorities). Many regulators use such messages to collect financial and economic information.
Read more about this topic: Financial Statement
Famous quotes containing the words moving to, moving, electronic, financial and/or statements:
“With varying vanities, from ev’ry part,
They shift the moving toyshop of their heart;”
—Alexander Pope (1688–1744)
“One fellow I was dating in medical school ... was a veterinarian and he wanted to get married. I said, but you’re going to be moving to Minneapolis, and he said, oh, you can quit and I’ll take care of you. I said, “Go.””
—Sylvia Beckman (b. c. 1931)
“The new electronic interdependence recreates the world in the image of a global village.”
—Marshall McLuhan (1911–1980)
“... aside from the financial aspect, [there] is more: the life of my work. I feel that is all I came into the world for, and have failed dismally if it is not a success.”
—Mary E. Wilkins Freeman (1852–1930)
“There was books too.... One was “Pilgrim’s Progress,” about a man that left his family it didn’t say why. I read considerable in it now and then. The statements was interesting, but tough.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)