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Anderson Manufacturing(XBRL-enabled Software)

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Anderson Manufacturing(XBRL-enabled Software)

Category: Case Study

Subcategory: Accounting

Level: University

Pages: 2

Words: 550

Anderson Manufacturing (XBRL-enabled Software)
Name
Institution

Anderson Manufacturing (XBRL-enabled Software)
When the XBRL software is enabled, it means that there are the open specification and free royalty for XML data software tags to define financial data for private companies, public corporations besides other organizations. According to Plumlee and Plumlee (2008), most of the accounting software sellers will soon start using XBRL-enabled software or are using it in their production process. It applies a standard based approach which users can publish in different formats, prepare, analyze and exchange the information contained in financial statements. These qualities make XBRL beneficial to all individuals who require financial information. However, understanding these benefits and the technical aspects of the software is the key to enablement of XBRL. At Anderson Manufacturing Company there is an increase in demand for business reports which require a more transparent, timely and high-quality method of reporting. Thus, it is essential to have a better technology which will enhance better reporting. The paper states the advantages of XBRL and a brief explanation of how it works.
Kuechler associates might discuss the advantages of enabling XBRL software with Anderson manufacturing company. One of the benefits is that the software can be used in any country because it allows sharing of information in various languages. The application benefits multiple stakehol…

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