Which of the following statements relating to XBRL and industry-accepted standards is incorrect?
A) There is only one version of XBRL.
B) There is much competition between XBRL standards.
C) XBRL standards have the support of the international and national accounting bodies.
D) Once XBRL standards are defined, they can be applied to different industries through the creation of different taxonomies.

Question

Quizplus · Accepted Answer

XBRL has been designed through the collaboration of software companies, governments and professional accounting communities. This high degree of coordination has helped to develop industry-accepted standards and to avoid competition between different versions of XBRL as there is only the one version of XBRL.

Which of the Following Statements Relating to XBRL and Industry-Accepted