A language for capturing financial information throughout a business’ information processes that will eventually be reported to shareholders, banks, regulators, and other parties in order to make the analysis and exchange of corporate information more reliable and easier to facilitate.
Published in Chapter:
Web-Based Business Reporting in Virtual Enterprises
Raif Parlakkaya (University of Selçuk, Turkey), Adem Ögüt (University of Selçuk, Turkey), and M. Tahir Demirsel (University of Selçuk, Turkey)
Copyright: © 2008
|Pages: 7
DOI: 10.4018/978-1-59904-885-7.ch247
Abstract
Knowledge-based companies are transforming everything: the way they are organized and managed, the way they do work and develop new products, the way they manage risks, and their relationships with other organizations in order to survive and compete in the rapidly changing business environment. The accomplished companies in this harsh competition are the ones that focus on the customer, get rid of the nonvalue and low-value activities, decentralize the decision making process, reduce the time required to perform key activities, and form new networks and collaborations with suppliers, customers, and competitors (AICPA, 1994).