Recently the United States House of Representatives passed the Digital Accountability and Transparency Act (DATA), which, among other things, mandates the use of non-proprietary data standards such as XBRL. For those organizations affected by this mandate, it is now critical that there be a means by which financial reporting can be produced using XBRL-tagging.
Management Reporter, a performance management tool available to users of Microsoft Dynamics GP, supports the latest standards for XBRL. You can tag financial statements as you design them so that the tags can be reused. This will not only ensure that all reporting requirements are kept, but it will also help you save time when creating instance documents.
As always it is important to work with an experience partner as well as financial professional when determining reporting requirements as well as evaluating possible changes in financial software.
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