Essay on Heagy PPTs C5

Phase 5

Reporting Process, Code Methods, and

Audit Tracks

Learning Objectives

List, identify, and demonstrate principles that form a

foundation pertaining to effective reporting.

Understand XBRL reporting plus the basics of

preparing an instance document.

Explain the objectives and techniques of common

coding systems.

Design and style coding systems for numerous accounting

agencies and situations.

Describe the notion and dimensions of an review


Style a coding system to aid audit paths.

Reporting Rules

Necessity for Concise Reports

 Focus on Both Physical and Economic


 Frequency of Reporting

 Responsibility Credit reporting

 Revealing by Function

 Comparative Reporting

 Exception Credit reporting


Necessity intended for Concise Reports:

- Succinct reports consist of only the data that are essential

to the functionality of the recipient's duties.

- Concise reports are important for two reasons:

(1) Most operations have relatively few crucial

success elements, and a manager's focus should be

centered on these factors.

(2) Peoples' ability to simultaneously process

multiple data factors is limited, and report contents

should not exceed these limitations.


Emphasis on Both Physical and Economic


-- A large portion of the information utilized by managers is definitely


- Managers may both notice and influence these real

measures, while related financial measures will most likely

be inspired by elements over which precisely the same

managers include little or no control.

Reporting Principles

Frequency of Credit reporting:

- Value of the Info

- Mother nature of the Activity

- Kind of Data Reported

Reporting Principles

Responsibility Reporting:

-- Reporting data to a supervisor that procedures activities

that the supervisor has some specialist and for

that the manager is held responsible.

- When functions must be split up into functional areas,

such as purchasing, sales, and accounting, significant

subdivision in supervisory responsibility

must take place.

- Credit reporting capability of the accounting program must also

expand to accommodate the requisite practical and

hierarchical supervisory positions.

Reporting Principles

Confirming by Function:

- A lot like Responsibility Credit reporting, except manager

may not have control over the complete function

- Includes both equally physical and financial info, the amount

of each varies simply by department

Confirming Principles

Comparative Credit reporting:

- The arrangement together of real data for the current

period with possibly budget info for the present

period or perhaps actual info for a previous period, therefore

facilitating a comparison of the data

Revealing Principles

Exception Confirming:

- Just data highlighting significant deviation from anticipated,

budgeted, or normal needs to be reported to managers.

Selection of Information

- Powerful exception credit reporting requires a chance to select documents based on the between an

account's current balance as well as its prior year's

balance, or between an account's genuine balance and

a budgeted amount.

Revealing Principles

Exclusion Reporting (cont. ):

Sequencing of Records

- Severe problems may appear on the report's back pages

and not be fixed.

- If perhaps records happen to be arranged as a way by severity of the

issue, with the most severe at the beginning of the

report, the probability that the most serious problem will certainly

be resolved is considerably enhanced.


XBRL (eXtensible Business Reporting Language) is usually

becoming the primary format pertaining to delivering

business content on the internet and have been

mandated pertaining to Securities and Exchange

Commission payment and Federal Deposit Insurance

Corporation filings.

Benefits of XBRL

 Attaches an id to words and amounts.

 Info can be explored and recovered and seamlessly

Imported and exported simply by different application systems.

 Analysts can easily...


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