ERP systems facilitating XBRL reporting and regulatory compliance

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Title: ERP systems facilitating XBRL reporting and regulatory compliance
Author: Kloeden, Phillip
Abstract: Today, the global economic environment requires that information is readily available across the supply chain (SC) and value chain and that the information is available in a costeffective manner. The information must be accurate, credible, timely, cost-efficient, reliable, traceable, pertinent, and possess data transparency. The information must be available to members within a particular organization, its vendors and customers, and outside governmental and regulatory agencies. All associated stakeholders and stockholders are entitled to the availability of trustworthy financial information to aid them in decision making, therefore, the controls regarding the data are critical for the compilation of the data. The Securities and Exchange Commission (SEC) reviews the financial report data a company submits on a yearly basis and this aids in the validity and credibility of the data, so that the ultimate end-user, who is the stockholder has the afforded protection from deception which is mandated and provided by the government.
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Date: 2007

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