Which of the following is not an advantage of XBRL?
A) Improved audit quality can occur as long as the taxonomy has correctly classified items of data at its source.
B) Through the application of different taxonomies and standards, the time required to prepare accounting reports is significantly increased.
C) Once XBRL standards are defined, they can be taken and applied to different industries and environments through the creation of different taxonomies.
D) The interchangeability of XBRL data between the major accounting software means that once the data is tagged it can be reused in many ways to meet differing financial reporting requirements.
Correct Answer:
Verified
Q18: The XBRL tags in an accounting package
Q19: XBRL is a significant step forward for
Q20: XBRL is an external standard that supports
Q21: How does XBRL contribute towards reduced data
Q22: Which of the following statements relating to
Q24: The interchangeability of XBRL data between the
Q25: To improve audit quality in terms of
Q26: The initiative in Australia uses its own
Q27: Taxonomies are the:
A) set of tags developed
Q28: An instance document:
A) contains information about the
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