Your client, Shad Clothes, Inc., is now required to file XBRL data interactive financials with the SEC. Your firm has just begun to offer XBRL tagging and filing services and since you have most recently returned from an XBRL training seminar, you’ve been given the assignment! Complete the following two tasks in preparation for the project:
1) Write a short summary for your client about what XBRL is and the steps you will take to complete the mapping of their balance sheet and income statement. This should be less than three paragraphs.
2) Map the company’s balance sheet and income statement that appear in the attached spreadsheet. Use the link to the 2012 US GAAP Financial Reporting Taxonomy to view the taxonomy and retrieve the information you need to complete the mapping spreadsheet (you may cut and paste from the taxonomy to the spreadsheet). For this initial set of statements no extensions should be required.
Insert your response to #1 into your Excel workbook and upload the workbook (containing parts 1 & 2) to your Assignment Folder by the due date in the Course Calendar.