With respect to XBRL, Global Ledger and International Financial Reporting Standards are:
A)Specifications.
B)Taxonomies.
C)Namespaces.
D)Instance documents.

Question

Quizplus · Accepted Answer

Global Ledger and International Financial Reporting Standards are both examples of taxonomies in XBRL. Taxonomies are a set of predefined terms and their relationships that provide a common language for financial reporting. They define the elements and structures that can be used in XBRL instance documents to represent financial information in a standardized way.

With Respect to XBRL, Global Ledger and International Financial Reporting