The business world has been revolutionised by Extensible Business Reporting Language (XBRL) in terms of financial reporting. An advantage of this is that__________.

Question

Answer

XBRL has been designed in such a way that specifications meet the requirements of US GAAP and IFRS

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all transaction processing systems (TPS) can export to XBRL

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since XBRL is a fairly old concept, all users or accountants are familiar with it yet, resulting in minimum errors

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XBRL data is not available all the time, preventing potential for security breaches

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The business world has been revolutionised by Extensible Business Reporting Lang...

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