Advanced Database Management Systems Assignment - XML Implementation using XBRL
Overview
This assignment helps you in understanding the potential for Extensible Markup Language (XML) for data exchange through a series of activities that demonstrate the power of XML. XBRL is a formal definition of accounting and financial information, implemented in XML, required to be submitted to the SEC for publically held companies. These firms extract the information required from their accounting systems and present it to the SEC in the formats defined by the XBRL standard.
Complete the following activities:
1) Read chapters from the book XBRL For Dummies available through the Safari Online books system accessible through the VT library.
2) Complete the activities associated with the book to be oriented to XBLR.
Requirements -
1) Complete the Hello World XBRL Example from the XBRL for Dummies book.
2) Complete the Comprehensive Example from the XBRL for Dummies book.
For submission on the Comprehensive example: Write one paragraph describing the relationship between the gaap.xsd and Sample-Instance-proof.xml file.
3) Using research of the SEC, XBRL, and other related websites you discover, write a 2-3 page report that describes the entire process required for a company sumbitting its information to the SEC. Be sure to consider the databases at the company, the XBRL taxonomy applied, the process of creating the submission file, the submission process, and use of the information for reporting to investors.
4) Briefly describe in one page what you see as the primary advantages and disadvantages of using XML in this manner.
5) Briefly summarize in one page the nature of the recently reported hacking of the SEC's EDGAR database that stores the reports submitted by companies. Include a description of who you think is most negatively impacted by this event.
Attachment:- Assignment File.rar