In what ways could XBRL help a young, privately held firm?
A) The firm can use XBRL to extract data efficiently for data analysis.
B) The firm will avoid fines form the SEC by implementing XBRL.
C) XBRL will remove flexibility that could cause the young firm to fail.
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

XBRL (eXtensible Business Reporting Language) helps in efficient data extraction for analysis, which can be particularly beneficial for a young, privately held firm in understanding its financial health and making informed decisions. Choices B and C are incorrect because privately held firms are not typically subject to SEC reporting requirements, and XBRL does not inherently remove flexibility but rather standardizes data reporting for easier analysis.

In What Ways Could XBRL Help a Young, Privately Held