Extensible Business Reporting Language (XBRL)
A)is limited to the manual comparison of data reported in the SEC 10K report.
B)is expected to complete the development of its system of "tags" for all U.S.GAAP in 10 years.
C)enables recognition and extraction of items of information for various analytical purposes
D)has been applied extensively by financial analysts for over 30 years

Question

Quizplus · Accepted Answer

XBRL enables recognition and extraction of items of information for various analytical purposes. It is a digital reporting language used for the exchange of financial and business data. It allows users to easily compare and analyze financial reports, reducing the chance of errors and ensuring greater transparency and accuracy in financial reporting. Option A is incorrect because XBRL allows for automated comparison of data. Option B is incorrect because the system of tags for U.S. GAAP is already developed. Option D is incorrect because XBRL has only been applied extensively by financial analysts for around 15 years.