XBRL is used to facilitate the exchange of financial reporting information between the company and the Securities and Exchange Commission.

Question

Quizplus · Accepted Answer

XBRL (eXtensible Business Reporting Language) is a standardized language used for the electronic communication of financial data. It is specifically designed for sharing financial data across different information systems, including between companies and regulatory bodies like the SEC. Therefore, it is true that XBRL is used to facilitate the exchange of financial reporting information between the company and the SEC.

XBRL Is Used to Facilitate the Exchange of Financial Reporting