ERP systems facilitating XBRL reporting and regulatory compliance

Today, the global economic environment requires that information is readily availableacross the supply chain (SC) and value chain and that the information is available in a costeffectivemanner. The information must be accurate, credible, timely, cost-efficient, reliable,traceable, pertinent, and possess data transparency. The information must be available tomembers within a particular organization, its vendors and customers, and outside governmentaland regulatory agencies. All associated stakeholders and stockholders are entitled to theavailability of trustworthy financial information to aid them in decision making, therefore, thecontrols regarding the data are critical for the compilation of the data. The Securities andExchange Commission (SEC) reviews the financial report data a company submits on a yearlybasis and this aids in the validity and credibility of the data, so that the ultimate end-user, who isthe stockholder has the afforded protection from deception which is mandated and provided bythe government.