Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information.Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis tools.The ideal solution to solve these problems and efficiently transmit financial information via the Internet is to use
A)HTML code.
B)XML.
C)the pdf file format.
D)XBRL.

Question

Quizplus · Accepted Answer

XBRL (eXtensible Business Reporting Language) is specifically designed for the electronic communication of business and financial data, making it the most suitable choice. XBRL enables easy and quick exchange of financial data between different systems and formats, ensuring uniformity and consistency in the presentation of financial information. It eliminates the need for manual re-entry of data, reduces errors and increases efficiency, making it the ideal solution for efficient transmission of financial information via the internet. The other options (HTML, XML, PDF) are not specifically designed for financial reporting and may not provide the same level of functionality, accuracy, and convenience as XBRL.

Communications Technology and the Internet Can Be Used to Reduce