Student Writing Competition
2008 Contest Details
Will XBRL Revolutionize Financial Reporting?
Given the financial reporting scandals of the last decade, the implementation of Sarbanes-Oxley requirements, and the rising prominence of international financial reporting standards, there is an increasing pressure for a clear, concise – yet complete – globally-based, financial reporting system that will provide consistency and comparability of financial reporting across enterprises.
Enter XBRL – eXtensible Business Reporting Language – which can simplify data collection and processing for both internal and external financial reporting through a process known as data tagging. Commonly used outside of the United States during the past decade, its use by U.S.-based corporations is increasing in part because of the Securities and Exchange Commission’s voluntary program, which allowed for a group of companies to test the process and submit their filings using XBRL.
Similar to the purpose behind bar-coding products, XBRL is designed to increase efficiency and speed up the process of using financial results for decision-making by financial statement readers. Will its use revolutionize the financial reporting environment for U.S. companies and become the next universal standard for financial data?
PICPA will award $4,000 to ambitious, business-savvy students with the conviction to present their case through the 2008 Student Writing Competition.
Possible Subtopics
- How does XBRL support the needs of the global capital markets?
- Who uses XBRL, and why?
- How will XBRL impact the future of financial reporting?
- How will XBRL facilitate the decisions of current and existing shareholders in a company?
- How can small and medium businesses benefit from the use of XBRL?
Eligible Participants
- PICPA Student Affiliate Members
- Undergraduate accounting or business majors who attend Pennsylvania colleges and universities or those who maintain a permanent residence in Pennsylvania, but attend an out-of-state college
Prizes & Benefits
- $2,000 for first place, $1,200 for second place, and $800 for third place
- The accounting programs of the winning students receive $1,000, $600, and $400 respectively
- First-place entry is published on CPAzone.org, and featured in the Pennsylvania CPA Journal
- All participants who have not graduated by award time will be offered a one-year, complimentary PICPA Student Affiliate membership
Entry Criteria
- 1,000-1,500 word research paper
- 50-75 word abstract
- No co-authored papers accepted
- 12-point font required
- Must contain proper citation of sources
- Papers are evaluated for content, method of presentation, and writing style
- Every submission must include an author information sheet. Do not include personal information on your paper.
Submission
Careers in Accounting Team
Pennsylvania Institute of Certified Public Accountants
1650 Arch St., 17th Floor
Philadelphia, PA 19103-2099
Deadline
April 11, 2008
Questions
Call the PICPA Careers in Accounting Team at (888) 272-2001 or e-mail schools@picpa.org.