Discuss three control implications of XBRL

Control implications include:

Taxonomy Creation. Taxonomy may be generated incorrectly, resulting in an incorrect mapping between data and taxonomy elements that could result in material misrepresentation of financial data. Controls must be designed and in place to ensure the correct generation of XBRL taxonomies.

Taxonomy Mapping Error. The process of mapping the internal database accounts to the taxonomy tags needs to be controlled. Correctly generated XBRL tags may be incorrectly assigned to internal database accounts, resulting in material misrepresentations of financial data.

Validation of Instance Documents. As noted, once the mapping is complete and tags have been stored in the internal database, XBRL instance documents (reports) can be generated. Independent verification procedures need to be established to validate the instance documents to ensure that appropriate taxonomy and tags have been applied before posting to web server.