Task: Read "Six Steps to XBRL" by Phillips, Bahmanziari, and Colvard in the February 2008 issue of Journal of Accountancy.
1) Is XBRL relevant to companies that don't file with the SEC? Justify your response.
2) List the six steps the authors recommend for creating XBRL-tagged documents.
3) How many XBRL-tagged filings did the SEC receive as part of its voluntary program?
4) With respect to Dragon Tag software:
i. What are the elements of an entity profile?
ii. What is a "hopper"?
iii. What is "validation"? Why is it important?