Shah presents 23 best practices to implement and examine how the shape of regulatory data collection process may change in the future through using extensible business reporting language (XBRL).
Read this article before you begin your assignment:
The Road to Making Regulation More Efficient: A Case Study in the Application of Best Practices and Data Standards in Regulatory Reporting.
Write a 4–5-page paper in which you:
Research an existing small to medium-sized business that does not have an established accounting information system (AIS). Make sure you clearly identify what business line, product type, and market position.
Implement at least 5 of the 23 best practices in the reporting process within the organization.
Provide details to either enforce existing practices or introduce them if they do not exist. You can select any practices you like.
Explain the impact of the best practices you selected on the reporting process. Describe how the best practices align with the XBRL application.
Explain how the best practices would impact the business’s operations and decision-making processes.
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