One advantage of using XBRL for financial reporting is
A)Rekeying data into various systems
B)Improved data analytics for business intelligence
C)Increased data security
D)Reduced data clarity

Question

Quizplus · Accepted Answer

Using XBRL for financial reporting allows for improved data analytics, facilitating better business intelligence. This is because XBRL offers a standardized format for financial data, which can be quickly and efficiently analyzed using a range of analytics tools. This is a significant advantage over the manual or semi-automated reporting formats used in the past. Rekeying data into various systems, reduced data clarity, and increased data security are not advantages of XBRL.

One Advantage of Using XBRL for Financial Reporting Is