Homework: AIS and XBRL- Designing With Best Practices
Overview
Shah presents 23 best practices to implement and examine how the shape of regulatory data collection process may change in the future through using extensible business reporting language (XBRL).
Read this article before you begin your homework:
o The Road to Making Regulation More Efficient: A Case Study in the Application of Best Practices and Data Standards in Regulatory Reporting.
Instructions
Write a 4 to 5 pages paper in which you:
1) Research an existing small to medium-sized business that does not have an established accounting information system (AIS). Make sure you clearly identify what business line, product type, and market position.
2) Implement at least 5 of the 23 best practices in the reporting process within the organization. Provide details to either enforce existing practices or introduce them if they do not exist. You can select any practices you like.
3) Explain the impact of the best practices you selected on the reporting process. Describe how the best practices align with the XBRL application.
4) Explain how the best practices would impact the business's operations and decision-making processes.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.