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)
“Thou art a toilsome mole, or less,
A moving mist;
But life is what none can express,
A quickness which my God hath kissed.”
—Thomas Stanley (1625–1678)
“The new electronic interdependence recreates the world in the image of a global village.”
—Marshall McLuhan (1911–1980)
“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)
“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)