XBRL For Dummies

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The perfect guide to help you understand XBRL-from the "father of XBRL"

What is XBRL and how can it help you streamline your business reporting? This plain-English guide from the "father of XBRL," Charles Hoffman, will tell you what it is, why it is, and how you can get on the bus with this new SEC-mandated business reporting standard for publicly-traded companies. A CPA, Hoffman is credited with the idea of applying XML data to financial reporting; XBRL is the language that resulted. Learn to prepare financial statements with XBRL, use it for strategic planning, move all relevant departments in your company to the same system, and more.

  • XBRL (eXtensible Business Reporting Language) is an XML-based open standard for accounting data; author Charles Hoffman is credited with the idea of applying XML data to financial reporting
  • Plan for XBRL implementation, set action-oriented agendas, and identify stakeholders and subject-matter experts within your organization
  • Learn to choose from and adapt existing XBRL taxonomies to comply with US GAAP and IFRS standards

Topics also include how to adapt your existing financial information into XBRL.

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About the author

Charles Hoffman is considered the father of XBRL. He is coeditor of the US GAAP Taxonomy Architecture and was named one of the 100 most influential people in accounting by Accounting Technology.

Liv Apneseth Watson is among the founders of XBRL International and was vice chairman of XBRL International.

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Reviews

3.5
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Additional Information

Publisher
John Wiley & Sons
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Published on
Oct 9, 2009
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Pages
436
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ISBN
9780470583203
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Language
English
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Genres
Business & Economics / Accounting / Financial
Political Science / Public Affairs & Administration
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Content Protection
This content is DRM protected.
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Available on Android devices
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Darrell Mullis
"Fantastic Learning Tool...Don't let this book title fool you. It is not an oversimplification of accounting and financial principles. It is, however, a serious and very effective examination of a very small but progressively complex business. There are not many books available on the market that make a complex and dry subject understandable and even fun. This book successfully does just that."
-Amazon Reviewer

The Clearest Explanation Ever of the Key Accounting Basics

The world of accounting can be intimidating. Whether you're a manager, business owner or aspiring entrepreneur, you've likely found yourself needing to know basic accounting...but baffled by complicated accounting books. What if learning accounting could be as simple and fun as running a child's lemonade stand? It can.

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Carl Richards
Whenever I tell people about my job as a financial advisor, the conversation inevitably turns to how hopeless they feel when it comes to dealing with money. More than once, they’ve begged, “Just tell me what to do.”

It’s no surprise that even my most successful friends feel confused or paralyzed. Even if they have a shelfful of personal finance books, they don’t have time to make sense of all the information available. They don’t just want good advice, they want the best advice—so rather than do the “wrong thing,” they do nothing. Their 401(k) and bank statements pile up, unexamined or maybe even unopened.

What they don’t realize is that bad calls about money aren’t failures; they’re just what happens when emotional creatures have to make decisions about the future with limited information. What I tell them is that we need to scrap striving for perfection and instead commit to a process of guessing and making adjustments when things go off track. Of course we’re going to make the best guesses we can—but we’re not going to obsess over getting them exactly right.

The fact is, in a single page you can prioritize what you really want in life and figure out how to get there. That’s because a great financial plan has nothing to do with what the markets are doing, what your real estate agent is pitching, or the hot stock your brother-in-law told you about. It has everything to do with what’s most important to you.

By now you may be wondering, “What about the details? How much do I need to invest each year, and how do I allocate it? How much life insurance do I need?” Don’t worry: I’ll cover those topics and many more, sharing strategies that will take the complexity out of them.

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But no matter what happens, this book will help you bridge the gap between where you are now and where you want to go.

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