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Extensible Business Reporting Language (XBRL) is an important IT deve

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Extensible Business Reporting Language (XBRL) is an
important IT development. Discuss the major advantages,
disadvantage of extensible business reporting language
(XBRL). Explain how accountants can play major roles in
all phases of XBRL and accounting profession to develop
the extensible Business Reporting Language (XBRL).
Solution
1 ANS: XBRL stands for Extensible Business Reporting
Language, which is a language used for the electronic
communication of business and financial data. It assigns
unique tags to different financial terms, categorizes them ,
shows the relationship between them, and allows the data
to be analyzed by the computer software. XBRL is
expected to revolutionize the business and financial world.
Listed below are some advantages and disadvantages of
this language.
Advantages of XBRL:
Disadvantages of XBRL:
2 ANS::What is XBRL and why are accountants so excited
about it
Old method is to print on paper...in order to be useful
would have to enter the data into excel and then analyze it

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with some sort of formula...nowadays publish report in a
digital format, and that allows just to copy and paste into
excel, but what\'s even better is if the number on the
digital files already tag (and this is what XBRL does)...a
way that you can actually search and find things...through
like a google search...preassigned labels or tags...can just
use excel to populate labeled amounts...?...report itself is
just a file...for example all the companies assets, total
assets have same label/name...rather than using formula
just have a chart of names to plug in with the
labels?...searchable format because everything has labels
on it
XBRL:
eXtensible Business Reporting Language is a variant of
XML (eXtensible Markup Language) specifically designed
for use in communicating the content of financial data
XBRL: Revolutionizing the Reporting Process...it is a
programming language designed specifically to facilitate
the communication of business information. The SEC
requires U.S. public companies to use XBRL when
submitting their filings...prior to XBRL, preparers had to
manually create reports in various formats for different
users. Although those reports were then sent electronically

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Extensible Business Reporting Language (XBRL) is an important IT development. Discuss the major advantages, disadvantage of extensible business reporting language (XBRL). Explain how accountants can play major roles in all phases of XBRL and accounting pr ofession to develop the extensible Business Reporting Language (XBRL). Solution 1 ANS: XBRL stands for Extensible Business Reporting Language, which is a language used for the electronic communication of business and financial data. It assigns unique tags to different financial terms, categorizes them , shows the relationship between them, and allows the data to be analyzed by the computer software. XBRL is expected to revolutionize the business and financial world. Listed below are some advantages and disadvantages of this language. Advantages of XBRL: Disadvantages of XBRL: 2 ANS::What is XBRL and why are accountants so excited about it Old method is to print on paper...in order to be useful would have to enter the data into excel and then analyze it with some sort of formula...nowadays publish report in a digital format, and that allows just to copy and paste into excel, but what\'s even better is if the number on the digital files already tag (and this is what XBRL does)...a way that you can actually search and find things...through like a google search...preassigned labels or tags...can just use excel to populate labeled amounts...?...report itself is just a file...for example all the companies assets, total asset ...
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