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Introduction
eXtensible Business Reporting Language (XBRL) is a global financial reporting
initiative started by many Enterprise Resource Planning (ERP) software
companies and international accounting organizations. The goal of XBRL is to
provide a standard for uniform reporting of financial information for banks,
investors, and government authorities.
Business reporting may include the following:
Financial statements
Financial information
Non-financial information
XBRL consists of a:
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XBRL Taxonomy
XBRL is one of a family of XML languages that is becoming a standard way to
communicate information among businesses and on the Internet.
The following definitions are from the XBRL Web site (www.xbrl.org):
Overview
XBRL, instead of treating financial information as a block of text, as in a
standard Internet page, provides an identifying tag for each individual item of
data. For example, company net profit has its own unique tag. The taxonomies
define the specific tags for each item of data such as net profit.
You can use the XBRL feature in Microsoft Dynamics AX 2009 to:
Import taxonomies
You only need to enter information one time, and can export it for use in:
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HTML documents
Government filings
Credit reports
Loan documents
Other formats
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The tool examines the current system language and goes through all
appropriate labels for this language in the taxonomy.
If a label for the current system language exists, the name of the
element is assigned the label value.
Elements that have a name and an ID, which is specified between the
braces.
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Value
Row definition
XBRL_New_I
Name
New XBRL IS
Focus
Account
Challenge Yourself!
Help Ken create a report structure based on the taxonomy. After you create the
Income statement, print it to your screen to view the definition.
Step by Step
Follow these steps to create a new row definition.
1. Click General ledger, click Setup, click Financial statement, and
then click Row definition.
2. Press CTRL+N to create a new row definition.
3. In the Row definition field, type XBRL_New_IS.
4. In the Name field, type New XBRL IS.
5. Click the Focus field arrow, and then click ACC, Ledger account.
6. Close the form.
Follow these steps to transfer the details to the new row definition.
1. Click General ledger, click Setup, click Posting, and then click
XBRL taxonomy.
2. In the Taxonomy ID field, click US_GAAP_001.
3. Click the Details button.
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Summary
XBRL enables companies to use a common taxonomy to define their financial
statement terminology. XBRL taxonomies are basically dictionaries that define
specific financial terms (such as net profit or cash) in a common way. In Canada,
an XBRL taxonomy exists that complies with Canadian Generally Accepted
Accounting Principles (GAAP), although several other national jurisdictions
have their own financial reporting taxonomy.
The Microsoft Dynamics AX 2009 XBRL feature enables companies to:
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2.
3.
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Solutions
XBRL Taxonomy
1. What does XBRL mean?
MODEL ANSWER:
eXtensible Business Reporting Language
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