Abstract

http://ssrn.com/abstract=1957849
 


 



Global Ledger - The Next Step for XBRL: Leveraging the Potential Throughout the Accounting Cycle


Mitchell R. Wenger


University of Mississippi

Rick Elam


University of Mississippi

Kelly L. Williams


University of Mississippi

September 2011

CPA Journal, Forthcoming
Georgetown Public Law Research Paper No. 11-124

Abstract:     
XBRL for U.S. GAAP is now a requirement for all publicly traded companies. But the full potential of XBRL will not be realized until the tagging of financial data takes place in the beginning of the accounting cycle, not the end as in current practice. This change will make way for new applications of software for managerial decision making and continuous auditing throughout the entire accounting information system. Although it may be overly optimistic to expect full XBRL GL tagging right away, a realistic next step is for management to require subsidiaries to transmit their closing accounting information with XBRL tags. The parent company’s home office can then employ open source systems to consolidate the XBRL data. Those consolidated XBRL data would then be used to prepare the traditional “paper” statements, including the auditor’s opinion.

Keywords: XBRL, Global Ledger, XBRL GL, Accounting Cycle

JEL Classification: M41

Accepted Paper Series


Not Available For Download

Date posted: January 25, 2012 ; Last revised: November 7, 2012

Suggested Citation

Wenger, Mitchell R. and Elam, Rick and Williams, Kelly L., Global Ledger - The Next Step for XBRL: Leveraging the Potential Throughout the Accounting Cycle (September 2011). CPA Journal, Forthcoming; Georgetown Public Law Research Paper No. 11-124. Available at SSRN: http://ssrn.com/abstract=1957849

Contact Information

Mitchell R. Wenger (Contact Author)
University of Mississippi ( email )
200 Conner Hall
Patterson School of Accountancy
University, MS 38677
United States
662-915-5755 (Phone)
HOME PAGE: http://www.olemiss.edu
Rick Elam
University of Mississippi ( email )
Oxford, MS 38677
United States
HOME PAGE: http://www.olemiss.edu
Kelly L. Williams
University of Mississippi ( email )
Oxford, MS 38677
United States
HOME PAGE: http://www.olemiss.edu
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