Which of the following description of XBRL is true?
A)XBRL is a new technology that yet to be made a practical reality.
B)XBRL adds meaning to data so that other applications know what the data represents and how it should be treated
C)XBRL is fundamentally different from HTML.
D)A standard set of XBRL tags is not available yet.

Question

Quizplus · Accepted Answer

XBRL is a technology that adds meaning to data so that other applications understand what the data represents and how it should be treated. It has been in practical use since the early 2000s in financial reporting and is now being implemented in other industries for standardization and easier analysis of data. Option A, C, and D are incorrect as XBRL is an established technology and is not related to HTML. Standard sets of XBRL tags are available and maintained by organizations such as the XBRL International consortium.

Which of the Following Description of XBRL Is True