Question

Why is XBRL needed in the financial community? In your opinion, why did the Securities and...

Why is XBRL needed in the financial community? In your opinion, why did the Securities and Exchange Commission mandate its usage? What does it provide that was not available before XBRL?

Homework Answers

Answer #1

eXtensible Business Reporting Language.

Why is XBRL needed inthe financial community? XML language is a standard for Internet communication between businesses. XBRL database is available for various uses, including reporting on the company’s web site, filing to regulators and providing information to other interested parties such as loan officers and investors. It allows everyone in the financial community to understand each other.

In your opinion, why would the Securities and Exchange Commission in the US mandate its usage? XBRL enhances the speed and accuracy of business reporting. It allows reports from different companies to be standardized and easy to be accessed by external users.

What doesdoes it provide that was not available before XBRL? Before XBRL, financial information was treated as just a block of texts that had to be manually entered into a computer to give it meaning.

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