Rochester Institute of Technology RIT Scholar Works Articles 2007 ERP systems facilitating XBRL reporting and regulatory compliance Phillip Kloeden Follow this and additional works at: http://scholarworks.rit.edu/article Recommended Citation Kloeden, Phillip, "ERP systems facilitating XBRL reporting and regulatory compliance" (2007). Accessed from http://scholarworks.rit.edu/article/1628 This Article is brought to you for free and open access by RIT Scholar Works. It has been accepted for inclusion in Articles by an authorized administrator of RIT Scholar Works. For more information, please contact
[email protected]. ERP SYSTEMS FACILITATING XBRL REPORTING AND REGULATORY COMPLIANCE Phillip A. Kloeden Paper Submitted to Dr. James Baroody for fulfillment of course requirements for Integrated Business Systems – 0112 760 E. Philip Saunders College of Business - RIT Fall Quarter 2006-2007 EXECUTIVE SUMMARY Today, the global economic environment requires that information is readily available across the supply chain (SC) and value chain and that the information is available in a cost- effective manner. The information must be accurate, credible, timely, cost-efficient, reliable, traceable, pertinent, and possess data transparency. The information must be available to members within a particular organization, its vendors and customers, and outside governmental and regulatory agencies. All associated stakeholders and stockholders are entitled to the availability of trustworthy financial information to aid them in decision making, therefore, the controls regarding the data are critical for the compilation of the data. The Securities and Exchange Commission (SEC) reviews the financial report data a company submits on a yearly basis and this aids in the validity and credibility of the data, so that the ultimate end-user, who is the stockholder has the afforded protection from deception which is mandated and provided by the government.