XBRL can best be described as a
A)new set of auditing standards.
B)new set of accounting standards.
C)new set of ethical standards.
D)a standardized tagging system for financial statement data.

Question

Quizplus · Accepted Answer

XBRL (eXtensible Business Reporting Language) is a standardized tagging system for financial statement data, which allows financial information to be easily and accurately shared among different software applications and systems. It is commonly used by companies to file financial statements with regulators and to publish financial information on their websites. XBRL is not a new set of auditing or ethical standards, nor is it a new set of accounting standards.

XBRL Can Best Be Described as a