![]() Practices that are not Generally Accepted Accounting Practices (GAAP) are not the focus of this work, but may be covered in order to illustrate basic ideas. Various specialized topics in financial accounting are not covered. The purpose is to describe how accounting for these transactions is usually done, or in some cases what are options in prevailing practice, and to give adequate preparation to accountants for treatment of most usual cases. The material is organized by groups of transactions primarily affecting assets vs. The scope of the course is broad: to cover, in considerable detail, the accounting concepts, policies, and practices for most types of economic transactions of businesses. Financial accounting, beyond a beginner's introduction, is the topic of this wikibook. ![]() One might think the phrase "intermediate accounting" could apply to beyond-basic techniques in w:management accounting or any other area of accounting, too, but in fact the phrase is applied exclusively to the courses and textbooks in the financial accounting area. In traditional universities it is often taught in a two semester sequence that students majoring in accounting are required to take, usually during their junior year. Intermediate Accounting is a course of study in financial accounting. The application of a taxonomy on a “minimum basis” (individual extensions permitted) preserves specific information, but causes a potential loss of data comparability.See Intermediate Accounting wikibook overview ![]() The application of a taxonomy on a “blind basis” (extensions not permitted) leads not only to the full comparability of financial data but also to a loss of idiosyncratic information. We discuss the potential effects of taxonomy application on the representation of financial information. Conversely, in the US, XBRL is required through the application of a standard taxonomy (the US GAAP Taxonomy), along with the ability to define individual extensions to be submitted to the SEC. In Italy, XBRL is required through the application of a standard taxonomy (the Italian GAAP Taxonomy), without the ability to create and submit taxonomy extensions. We then examine the XBRL implementation models adopted in two countries: Italy and the US. We first develop a conceptual framework for understanding which factors may affect the adoption of XBRL and, in turn, standardise or customise financial reporting. In this paper, we discuss the dual power of XBRL to standardise and/or accommodate firms’ financial reporting practices. ![]() Unless the XBRL implementation system explicitly allows companies to use and disclose taxonomy extensions, a loss of detailed information occurs if the taxonomy is applied. Specifically, we noticed that the financial statements items are more disaggregated than the taxonomy tags and that this depends on the sector and the size of the companies. The results reveal a general discrepancy between the financial items disclosed by the companies and the taxonomy tags. Due to its importance, XBRL is being applied in many countries, but according to different implementation schemas.In this study, we attempt to verify if the IFRS Taxonomy released by the IFRS Foundation adequately reflects the reporting practices of the Italian listed companies for which XBRL is not yet required. In this context, the IFRS Foundation is playing a relevant role in developing well-structured taxonomies, which could simultaneously favor both the interoperability and the homogenization of the firms' financial information at the global level. ![]() On the other hand, a systematic, agreed-upon convention for naming each taxonomy tag is needed. On the one hand, they provide a unique set of computer-readable tags to allow the interchange of interactive information. XBRL taxonomies have a crucial role in digital financial reporting. ![]()
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