XBRL (eXtensible Business Reporting Language) is a freely available computer language that facilitates the exchange of business information globally. Through XBRL, the business community can define or exchange their financial information thus improving the organization and sharing of necessary data. XBRL uses XML (eXtensible Markup Language) technologies in the development of its syntax. As XBRL expands, several opportunities would be created both in business and in information technology-based careers.
In my accounting career, the implementation of XBRL and e-commerce will significantly reduce the time spent in data entry processes. In addition, It enhances the reliability of financial coverage and auditing in all sectors of the economy including the profit or non-profit making organizations and the private or public sectors. Thus, more time for the improvement and analysis of data is created, which eventually leads to value-added work. Furthermore, my role as an accountant will be transformed into directing the company’s operation and coming up with new business strategies. With this knowledge, I can guide managers on product improvement and profit maximization. Moreover, my skills will be helpful at various levels of the organization, enhancing efficient decision-making. Consequently, my Certified Public Accountant (CPA) skills will be significant in the market.
Today’s assets, particularly stocks are faced with numerous web-related threats. This is evidenced by numerous money laundering cases reported worldwide despite the deployment of forensic accountants. As a result, many people will study to become Certified Public Accountants (CPAs). With time, the market would demand talented CPAs, so to keep up with the changing business trends and competition. Therefore, it will be vital to learn about XRLM and e-commerce. Consequently, our company would receive additional attention in the market because of using XBRL, attracting more investment capital. By distributing financial information on the web, the company benefits from reduced production and distribution costs, and automation of the process of generating financial statements, which facilitates financial analysis (Bergeron, 2003).
I have several strengths concerning the XBRL situation. These include determination, responsibility, openness to new ideas, honesty, and the ability to work for long hours. These qualities have improved my career dramatically because they have given me a remarkable niche in the company in which I can help in the use of XBRL.
To become successful in the future, I have to utilize my strengths and tackle my weaknesses. As a determined accountant, I will adopt and embrace the XBRL curriculum, which will eventually give me an advantage in my career over my competitors. With this attitude, I will be an outstanding professional accountant. Openness will ensure an effective flow of ideas in my organization. In addition, it will determine the impacts of XBRL in my company since everyone will be able to discuss their experiences with the new technology. XBRL environment mandates responsible and accountable leadership. I have to account for all cyber-threats in my docket whenever possible to discourage money laundering. As an advisor to the management, I will ensure proper strategies are employed to maximize the profits of the company.
At times, I do not know when to stop working on a project. This normally affects my colleagues who work on a normal time basis. However, I find it beneficial since it facilitates the completion of my projects on time. Future accountants and financers have an opportunity to influence and encourage the development process of XBRL globally (White, 2008). They should appreciate the benefits of XBRL and pass the knowledge and benefits to their clients.
References
Bergeron, B. P. (2003). Essentials of XBRL financial reporting in the 21st Century. Hoboken, N.J.: Wiley.
White, C. E. (2008). The accountant’s guide to XBRL (3rd ed.). Newark, Del.?: SkipWhite.com.