Week 5 Discussion

WEEK 5: XBRL AND EDGAR

for each question you SHOULD answers in 5 to 6 sentences.

1) Describe one of the benefits of XBRL. Can you also name a disadvantage to the use of XBRL?

2) This week we are working with TCO – 5.  Given today’s global environment and proliferation of computers as a tool for financial analysis, examine the history and importance of XBRL to both the accounting profession and corporations.

Does XBRL set new accounting standards? Does it change U.S. GAAP or IFRS?

WEEK 5: XBRL MECHANICS

3) Go to the XBRL data for your favorite public company using the instructions in the lecture. Tell us the name of the company and what is on their “Document and Entity Information” page? Choose a different company than your classmates!

4) This week we are working with TCO – 5.  Given today’s global environment and proliferation of computers as a tool for financial analysis, examine the history and importance of XBRL to both the accounting profession and corporations.

Class, what is EDGAR XBRL Validation Errors and Warnings?

Dear Class,

One of the greatest things about online learning is how we can use the world-wide web to increase our learning potential. The amount of information on the internet is exponential! I highly recommend that you learn to tap this information source, but in doing so, I ask that you use good business and educational practices in quoting and citing your sources.

Here are some IMPORTANT rules and considerations to use when using web-research in your thread posts in my class!

· DO include the URL (web address) that you took the information from. (Hit enter after pasting in the URL and it will become a hyperlink to the source for other students.)

· DO include quotation marks or <<>> around quoted (i.e. copied and pasted) material.

· DO introduce the quoted material with YOUR OWN WORDS about why you are providing that quotation.

· DO limit the quoted material to a paragraph or less (a snippet) to entice the reader into following the URL (link) you then provide.

· DO use an 80/20 rule of thumb for posting that is, for every sentence of quoted material, you should give us at least 4 sentences from you. AT LEAST give us a few sentences to orient us to why this quote is appropriately contained in your post. Worst case: use a 50/50 rule but in no event should you simply copy and paste in paragraphs from a website with no orienting material from you. As the % of your words to quoted material decreases, so too will the value of the post decrease.

What will I do if you “copy and paste” from a book or website, in contradiction of the above guidelines?

1. If the problem is simply that you have “too much” copy and paste, but you have included the URL, this will affect the “quality” of your post-and your post will likely be a “low quality” post. Avoid this problem by only providing a “snippet”-i.e. 2-3 sentences of quoted material…and then provide YOUR OWN WORDS about why that is important. INCLUDE the URL!

2. If you do not include a cite to the website or book from which your post information came, OR if you do not use quotation marks or some other method to show that the material was not written by you, then the issue will become one of Academic Integrity and I am required to turn it into the committee, subject to the rules on Academic Integrity in the student handbook.

Please let me know if you have questions about this class policy.

1) Describe one of the benefits of XBRL. Can you also name a disadvantage to the use of XBRL? 

One of the advantage of using XBRL, that XBRL provides context, validation, persistence and re usability. Using XBRL can improve the speed and accuracy of information moved through the company reporting cycle, and also can improve spreadsheet controls by electronically accessing information from source systems thereby significantly decreases input errors, which is could happen when human input that information, and information tagged to XBRL it can be reusable very easily.
 
 As will there is disadvantages of XBRL, one of that disadvantages is XBRL may increase information abuse. In this days everybody have access to internt, and XBRL gives easy access for companies information. that is gives opportunity for unethical people to use that information to abuse companies or users.

3)Go to the XBRL data for your favorite public company using the instructions in the lecture. Tell us the name of the company and what is on their “Document and Entity Information” page? Choose a different company than your classmates! 

I chose Best Buy CO INC, and below the tablet for the entity for the year 2016

Document and Entity Information Document – shares	6 Months Ended
Jul. 30, 2016	Aug. 30, 2016
Document Information [Line Items]
Entity Registrant Name	BEST BUY CO INC
Entity Central Index Key	764,478
Document Type	10-Q
Document Period End Date	Jul. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	–01-28
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	317,274,411
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

https://www.sec.gov/cgi-bin/viewer?action=view&cik=764478&accession_number=0000764478-16-000088&xbrl_type=v

3) This week we are working with TCO – 5.  Given today’s global environment and proliferation of computers as a tool for financial analysis, examine the history and importance of XBRL to both the accounting profession and corporations.

2)Does XBRL set new accounting standards? Does it change U.S. GAAP or IFRS?

No, XBRL does not set new accounting standards but it uses and depend on the existing accounting standards. It enhances the usability of the existing accounting standards through digital language of business. 

XBRL does not also change U. S GAAP or IFRS. What it does is that, companies using US GAAP and those using IFRS should provide their financial statements in XBRL format as shown in the current and periodic reports.