Consider the table below as you answer the questions: The data in the table were part of Microsoft's filings with the SEC.Which of the following statements is most true?
A)All publicly traded firms must use the Global Ledger Taxonomy for SEC filings.
B)All publicly traded firms must use XBRL for SEC filings.
C)Firms that are not publicly traded cannot use XBRL.
D)Companies that use the International Financial Reporting Standards cannot use XBRL.

Question

Consider the table below as you answer the questions:  The data in the table were part of Microsoft's filings with the SEC.Which of the following statements is most true?
A)All publicly traded firms must use the Global Ledger Taxonomy for SEC filings. 
B)All publicly traded firms must use XBRL for SEC filings. 
C)Firms that are not publicly traded cannot use XBRL. 
D)Companies that use the International Financial Reporting Standards cannot use XBRL.

Quizplus · Accepted Answer

All publicly traded firms in the US must use XBRL (eXtensible Business Reporting Language) for SEC filings. The Global Ledger Taxonomy is a subset of XBRL that provides common definitions for accounting concepts. Firms that are not publicly traded may use XBRL if they choose to do so. Companies that use International Financial Reporting Standards (IFRS) can also use XBRL.

Consider the Table Below as You Answer the Questions