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Read “an introduction to XBRL” and answer the follow questions: a. What are the most important features...

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Accounting

Read “an introduction to XBRL” and answer the followquestions:

a. What are the most important features of XBRL? Describe two ofthem.

b. Who are the user of XBRL? Describe two of them.

c. What are the benefits of XBRL for Securities Regulators andStock Exchanges?

Describe two of them.

Answer & Explanation Solved by verified expert
3.7 Ratings (325 Votes)
a What are the most important features of XBRL Describe two of them XBRL stands for eXtensible Business Reporting Language XBRL offers major benefits at all stages of business reporting and analysis The benefits are seen in automation cost saving faster more reliable and more accurate handling of data improved analysis and in better quality of information and decisionmaking All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information Clear Definitions XBRL allows the creation of reusable authoritative definitions called taxonomies that capture the meaning contained in all of the reporting terms used in a business report as well as the relationships between all of the terms Taxonomies are developed by regulators accounting standards setters    See Answer
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