Jim’s Sporting Goods: The Move to XBRL Reporting

2010 ◽  
Vol 25 (3) ◽  
pp. 425-463 ◽  
Author(s):  
Clinton E. White
Keyword(s):  
Software Package ◽  
Financial Statements ◽  
Annual Reports ◽  
Publicly Traded ◽  
Advantages And Disadvantages ◽  
Income Statement ◽  
Students First ◽  
Sporting Goods ◽  
The U.S

ABSTRACT: This case introduces the alternatives that companies must consider when deciding how to comply with the SEC’s (U.S. Security and Exchange Commission) 2009 mandate to include financial statements in XBRL format when submitting quarterly and annual reports. Jim’s Sporting Goods, an SEC-accelerated filer, is facing compliance with this mandate in about a year and they are investigating their alternatives. Working with Jim’s Sporting Goods’ income statement for 2010, students become actively engaged in each of three alternatives. Students first take on the role of an external tagging agent who must map Jim’s Sporting Goods’ income statement line items to elements in the U.S. GAAP XBRL taxonomy. Students make decisions between competing potential XBRL elements, document their decisions in a spreadsheet, and identify issues to be resolved by Jim’s Sporting Goods’ CFO. Second, students take on the role of an internal accountant who must learn to use an Excel-based software package, Rivet Dragon Tag, to tag Jim’s Sporting Goods’ income statement line items. Third, students register with and become familiar with an online tagging service to tag Jim’s Sporting Goods’ income statement line items. Finally, students evaluate the three alternatives, discuss the advantages and disadvantages of each, and make a recommendation for how to proceed. The case is based on an actual publicly traded company facing the compliance issues presented.

scholarly journals A One Year Forecasting Project For Publicly Traded Companies

2011 ◽  
Vol 4 (9) ◽  
pp. 73
Author(s):  
Fred Petro
Keyword(s):  
Cash Flow ◽  
Team Member ◽  
Balance Sheet ◽  
Annual Reports ◽  
Publicly Traded ◽  
Accounts Receivable ◽  
Publicly Traded Companies ◽  
Income Statement ◽  
History Of ◽  
One Year

This project is intended to teach students to apply the material covered in their first graduate accounting course. This is accomplished by applying the material to an actual company selected by each team. The project is described as follows: The project includes a computerized spreadsheet preparation of a master budget forecast for an actual publicly traded company for one year into the future. . The dates depend upon when the annual reports are prepared for your company. The forecast begins the day following the last available published annual report. The forecast does not comprise any actual numbers regardless of when the actual annual or quarterly statements are prepared for the company selected. The actual balance sheet, income statement and statement of cash flow from the preceding year are included with the forecasted balance sheet, income statement and statement of cash flow. The company must have a physical inventory, and accounts receivable from sales. The company may not be one in which any team member(s) are employed. The forecast will include the following items:1. Introduction, including the history of the company and a description of the company plan and policies as given in the project2. Sales budget (twelve months).3. Schedule of purchases (twelve months).4. Schedule of collection of credit sales (accounts receivable) and cash sales (twelve months).5. Cash budget (twelve months).6. An Income statement (for the current year and the projected year).7. A Balance sheet (for the current year and the projected year).8. A Statement of cash flow (for the current year and the projected year).9. Cost-profit-volume analysis (twelve months).10. Conclusion and recommendations

The role of investment property appraisal in European real estate companies

2020 ◽  
Vol 13 (1) ◽  
pp. 105-122
Author(s):  
Juha Mäki
Keyword(s):  
European Union ◽  
Real Estate ◽  
Design Methodology ◽  
Annual Reports ◽  
Real Estate Industry ◽  
Publicly Traded ◽  
Content Type ◽  
The Real Estate ◽  
Practical Implications

Purpose This paper aims to examine the connection between appraisals of investment properties and earnings properties in companies from two perspectives: what kinds of companies employ the most reputable appraisers and how appraisers produce estimations. Design/methodology/approach The research uses annual reports of European Union (EU) publicly traded real estate companies and examines the period 2007-2016. Findings The contribution of this study lies in establishing that some indicators and features of real estate companies affect the choice of appraiser and also in illustrating differences in the results of property valuations. In short, smaller companies with weaker performance are less willing to use external valuation, and external appraisers produce more conservative estimations for investment properties. Practical implications The research produces beneficial information for investors and other stakeholders interested in the real estate industry. Originality/value This is the first novel study to examine the link between appraisals of investment properties and earnings properties in companies in detail.

SEC XBRL Filing Requirements: An Instructional Case on Tagging Financial Statement Disclosures

2010 ◽  
Vol 25 (3) ◽  
pp. 489-511 ◽  
Author(s):  
Ernest Capozzoli ◽  
Stephanie Farewell
Keyword(s):  
Oil And Gas ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Financial Statement ◽  
Publicly Traded ◽  
Item Level ◽  
Interactive Data ◽  
The U.S

ABSTRACT: On January 20, 2009, the U.S. Securities and Exchange Commission (SEC) released Rule 33-9002 for the phase-in of interactive data (SEC 2009a). An important component of this rule is the phase-in of detailed tagging of financial statement note disclosures. Tagging is the process of associating a taxonomy element with a financial statement concept for a particular context. While some of the filers have participated in the SEC Voluntary Filing Project and prepared instance documents tagged at the line item level most have not prepared detail-tagged notes to accompany the financial statements (SEC 2005; Choi et al. 2008). This case discusses the structure of disclosures, as they exist in the 2009 U.S. GAAP Taxonomy, followed by a discussion of dimensional extensions and concludes with an example of block and detailed disclosure tagging using Rivet Software’s Dragon Tag (Rivet 2009). The example uses the capitalized costs disclosure for Anadarko Petroleum, a publicly traded company. Following the example, the case requires students to block and detail tag the capitalized costs disclosure for Dig Deep, a hypothetical oil and gas company. By completing the case, students develop an understanding of the current U.S. GAAP taxonomy, skills relating to mapping and tagging processes, and make use of a commonly used XBRL taxonomy and instance document creation program.

scholarly journals The Implementation Of Accounting For Environmental Liabilities

Riset ◽  
2019 ◽  
Vol 1 (2) ◽  
pp. 121-133
Author(s):  
Amrie Firmansyah ◽  
Suhita Santi Medina
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Financial Accounting ◽  
Annual Reports ◽  
Environmental Liabilities ◽  
Financial Reports ◽  
Income Statement ◽  
Food And Beverage ◽  
Social Environmental

This study aims to discuss the accounting implementation by the Indonesia Companies in recognizing, measuring, presenting, and disclosing environmental obligations that occur as a result of the company's operations. The analysis is carried out by reviewing disclosures on environmental management activities that have been carried out by the company, which has financial reports and annual reports. The method used is descriptive qualitative method with the data used are secondary data, financial statements, and annual reports obtained from the official website of the Indonesia Stock Exchange from 2015 to 2017 fiscal years. The samples employed in this study is thirteen food and beverage subsector companies listed on the Indonesia Stock Exchange from 2015 to 2017. The results of this study suggest that from 2015 to 2017, the food and beverage sub-sector companies have not reported any environmental obligations in the form of social-environmental responsibilities in the financial statements. The companies report their environmental responsibility activities as a company expense reported on the income statement. Accounting for environmental obligations related to recognition, measurement, recording, disclosure, and reporting has not been regulated in financial accounting standards, so reporting environmental obligations is still voluntary.

Deal Structures

2016 ◽  
Author(s):  
David Kershaw
Keyword(s):  
Third Party ◽  
Final Part ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Advantages And Disadvantages ◽  
Cross Border ◽  
Control Schemes ◽  
Different Types ◽  
The Subject

This Chapter considers the nature and characteristics of different deal structures: the different ways in which a control transaction can be effected. It commences with an analysis of asset deals, which - although we do not encounter in the context of the takeovers of publicly traded companies which are the subject of this book – assist in understanding the nature of other deal structures as well as understanding the ways in which deal risk can be managed and, to a limited but important extent, assist in understanding certain Code rules. The Chapter then considers direct share offers (otherwise known as contractual offers). It analyses their structure as well as the corporate, Listing Rule and third party approvals required to effect a share deal. It also considers the use of compulsory acquisition powers to acquire all the shares in the company following the contractual offer. The Chapter then considers the use of Schemes of Arrangements in control transactions. It details the different types of control schemes, namely transfer schemes and merger schemes, and considers their advantages and disadvantages as compared to contractual offers. It analyses the different stages of the scheme process and the role of the courts in each stage. The final part of the Chapter considers the operation of the UK’s cross border merger regime, introduced to implement the European Union’s Cross Border Mergers Directive.

Auditors’ quality, footnotes, and earnings persistence

2019 ◽  
Vol 46 (2) ◽  
pp. 267-282
Author(s):  
Mohammad A. Karim ◽  
Sayan Sarkar
Keyword(s):  
Financial Statements ◽  
Financial Statement ◽  
Annual Reports ◽  
Earnings Persistence ◽  
Content Type ◽  
Big 4 ◽  
Auditor Quality ◽  
One Year ◽  
The Relationship

Purpose The purpose of this paper is to investigate the role of auditors in financial statement readability. Using a simple proxy for financial statement obfuscation (number of footnotes), the authors examine the relationship between auditor quality, financial statement readability and earnings persistence. Design/methodology/approach The authors use regression analysis to test two hypotheses. In the first hypothesis, the authors investigate whether firms audited by Big 4 auditors have a lower number of footnotes than firms audited by non-Big 4 auditors. In the second hypothesis, the authors show that the firms with more footnotes have less earning persistence in comparison to the firms with less footnotes. Findings The authors find that firms audited by Big 4 auditors have fewer footnotes than firms audited by non-Big 4 auditors, and a larger number of footnotes reduces earnings persistence one-year and two-years ahead of the financial statement, although a larger number of footnotes does not reduce earning persistence when firms use Big 4 auditors. Overall, firms that use non-Big 4 auditors tend to obfuscate annual reports by using more footnotes and, in turn, reduce earnings persistence. Originality/value This is the first paper that has used number of footnotes in 10Ks as a proxy for financial statement readability. This paper shows how auditors’ reputation plays a key role in the readability of the financial statement. Prior studies related to readability have ignored the importance of auditors’ quality with respect to the readability of financial statements.

scholarly journals The voluntary disclosure of the value added statement in annual reports of Italian listed companies

2010 ◽  
Vol 56 (No. 8) ◽  
pp. 368-378 ◽  
Author(s):  
G. Ianniello
Keyword(s):  
Voluntary Disclosure ◽  
Global Economy ◽  
Value Added ◽  
Financial Statements ◽  
Listed Companies ◽  
Annual Reports ◽  
General Process ◽  
The Social ◽  
Theoretical Issues

The paper examines some of the theoretical issues regarding the publication of the value added statement as a voluntary disclosure in the process of accounting communication. The social and economic motivation to use value added reporting is linked to the general process of disclosing financial information in a certain business and cultural environment. In this framework, a question arises about the possible role of the value added statement as a way of accounting communication in the global economy. A survey of 211 published financial statements for the fiscal period 2003 of Italian listed companies shows that the publication of the value added statement in the annual reports is a marginal phenomenon. However, the industrial and services firms voluntarily present in their annual report and income statements rearranged to expose the (industrial) value added by only looking at the production perspective, with a possible interpretation in terms of cost efficiency.  

scholarly journals Peranan Penyusunan Laporan Keuangan Dalam Penyajian Informasi Keuangan Pada BMT At-Taqwa Muhammadiyah Sumatera Barat

2020 ◽  
Vol 8 (1) ◽  
pp. 14
Author(s):  
Leli Wita Suwita
Keyword(s):  
Balance Sheet ◽  
Financial Statements ◽  
Financial Information ◽  
Financial Statement ◽  
Financial Reports ◽  
Income Statement ◽  
Corporate Entity ◽  
West Sumatra ◽  
And Performance

This study aims to analyze how the role of financial statement preparation is to find out information relating to the financial position and performance of a corporate entity which includes the realization of the budget report, balance sheet, cash flow statement, and reports on the financial statement notes. The research method used is a qualitative method that compares financial statements between 2016 and 2018. The financial statements presented by BMT At-Taqwa Muhammadiyah West Sumatra in the form of a balance sheet and income statement, where an increase in value from the reporting date of the current year with the previous year, of the report there are still shortcomings in the reporting. BMT At-Taqwa Muhammadiyah West Sumatra is recommended to make all financial reports needed by financial information from BMT At-Taqwa Muhhammadiyah West Sumatra.Keywords: Role; Financial Statements; Financial Information.

IFRS, U.S. GAAP, and XBRL Financial Statements: An Introduction and Case Study

2012 ◽  
Vol 7 (1) ◽  
pp. 75-79 ◽  
Author(s):  
Kamile Asli Basoglu ◽  
Christopher T. Edmonds ◽  
Clinton E. White
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Financial Statement ◽  
Annual Reports ◽  
Income Statement ◽  
Interactive Data

ABSTRACT Given (a) the mandate to fully comply with “Interactive Data to Improve Financial Reporting,” (Rule 33-2009; SEC 2009b) which requires all SEC registered companies to include financial statements in XBRL format as exhibits with their quarterly or annual reports on a phased-in schedule, and (b) initiations to converge U.S. GAAP and IFRS, it is crucial for students to understand the methodological differences between XBRL financial reporting for these two standards. Therefore, the goal of this case is to expose students to the IFRS and U.S. GAAP XBRL taxonomies. We use the case of a hypothetical company to first illustrate some of the differences between IFRS and U.S. GAAP reporting at the financial statement level, then map its Income Statement line items into respective XBRL taxonomies, and finally create an XBRL instance document. The case provides two exercises to explain the steps in creating an XBRL instance document for different taxonomies, i.e., accessing and then mapping line items into the IFRS and U.S. GAAP taxonomies (Exercise 1) and creating the actual XBRL instance document for U.S. GAAP and IFRS (Exercise 2).

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