Xbrl for financial statements question and answers

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XBRL for Financial Statements: Questions and Answers Have a look on some the following XBRL financial statements questions and answers to get a comprehensive idea regarding the entire affair.

Question: Help me understand what Extensible Business Reporting Language is? Formerly gone by the acronym XFRML, Extensible Business Reporting Language—is an easily available free electronic language, extensively used for financial reporting. Being an XML-based framework, it provides immense opportunities and possibilities for the financial communities to take the published financial statements of a public organization and the information they enclose so as to create, transform and publish them in a multitude of formats, dependably extract and without human intervention replace the same. It is important to understand that it does not attempt to usher in any novel bookkeeping standards. Instead, it strives to enhance the serviceability of the existing standards through the versatile digital lingo of commerce, which is XBRL. As a matter of fact, XBRL for financial reporting does not need the companies to provide additional disclosure to external audiences.

Question: What are the applications of XBRL? The first and foremost goal is to help in publishing various monetary statements of businesses that are issued to outside users. In a nutshell, financial statements are nothing but a digitally improved version of normal paper-based statements, which


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