Attached. Please let me know if you have any questions or need revisions.ACT480 Capstone – Practical Application of AccountingInstitutional affiliationDateIntroductionToday, information regulators require instant access to company data. For investors, their demandfor a company’s information is often frustrated by companies’ inability to provide useful informationon time. While annual and quarterly reports are the most accessible sources of reliable information,they are published weekly or monthly basis; hence they cannot be used by investors to make theirconclusions. XBRL is utilized for organizing and characterizing monetary components. It is anticipated to make strides in information investigation productivity by having more exact and proficientinformation that has been standardized and can be utilized over businesses by the labeling framework (Beerbaum & Puaschunder, 2019). It is standardized and outlined to tag businesses and monetary reports. Over the years, XBRL has been utilized globally to analyze financial data, leading tobetter decision-making. Management and auditors can also promote quality and make use of credible information in the market. By use of XBRL, I analyzed the financial ratios of Exxon Mobil.AnalysisPart 1Any financial information coded in XBRL makes it effective for users to find the underlying financial data they are interested in easily. If financial data is streamed in real-time, the risk of errors potentially depends on the controls used. Therefore, most regulators need more data to be analyzedthrough XBRL, which provides more financial and non-financial data in a structured format forconsumption. Accuracy and reliability are more visible on XBRL filings because it requires asmaller and less comprehensive quantity of data in the filling systems. A company that provideshigh-quality XBRL data differentiates itself from a crowded marketplace; thus make efficient andeffective decisions. XBRL is valuable to make comparisons to numerous companies since it permitsfor numerous distinctive benchmarks. Companies can moreover see wh…
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