XBRL's global ledger taxonomy can be used for transaction processing, while the US financial reporting taxonomy is focused on output reports.Which of the following XBRL tags would you expect to find as part of the global ledger taxonomy? A)invoice B)10000 C)Both invoice and 10000 D)Neither invoice nor 10000

Question

Quizplus · Accepted Answer

The global ledger taxonomy is designed for transaction processing, which involves detailed records of individual transactions. An invoice tag (invoice) would be part of this taxonomy because it relates to individual transactions. In contrast, a tag like is more aligned with summary financial reporting, which is the focus of the US financial reporting taxonomy.

XBRL's Global Ledger Taxonomy Can Be Used for Transaction Processing