Week 5 Discussion

1) Describe one of the benefits of XBRL. Can you also name a disadvantage to the use of XBRL? 

One of the advantage of using XBRL, that XBRL provides context, validation, persistence and re usability. Using XBRL can improve the speed and accuracy of information moved through the company reporting cycle, and also can improve spreadsheet controls by electronically accessing information from source systems thereby significantly decreases input errors, which is could happen when human input that information, and information tagged to XBRL it can be reusable very easily.    As will there is disadvantages of XBRL, one of that disadvantages is XBRL may increase information abuse. In this days everybody have access to internt, and XBRL gives easy access for companies information. that is gives opportunity for unethical people to use that information to abuse companies or users.

3)Go to the XBRL data for your favorite public company using the instructions in the lecture. Tell us the name of the company and what is on their “Document and Entity Information” page? Choose a different company than your classmates! 

I chose Best Buy CO INC, and below the tablet for the entity for the year 2016

Document and Entity Information Document - shares	6 Months Ended
	Jul. 30, 2016	Aug. 30, 2016
Document Information [Line Items]
Entity Registrant Name	BEST BUY CO INC
Entity Central Index Key	764,478
Document Type	10-Q
Document Period End Date	Jul. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--01-28
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		317,274,411
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

https://www.sec.gov/cgi-bin/viewer?action=view&cik=764478&accession_number=0000764478-16-000088&xbrl_type=v

3) This week we are working with TCO – 5.  Given today's global environment and proliferation of computers as a tool for financial analysis, examine the history and importance of XBRL to both the accounting profession and corporations.

2)Does XBRL set new accounting standards? Does it change U.S. GAAP or IFRS?

No, XBRL does not set new accounting standards but it uses and depend on the existing accounting standards. It enhances the usability of the existing accounting standards through digital language of business. 

XBRL does not also change U. S GAAP or IFRS. What it does is that, companies using US GAAP and those using IFRS should provide their financial statements in XBRL format as shown in the current and periodic reports.