XBRL converts unstructured data into structured data, automating data exchange by making the data interchangeable across formats, software applications, and platforms.

Question

Quizplus · Accepted Answer

XBRL stands for eXtensible Business Reporting Language, and it is designed to make financial reporting more efficient and accurate. It uses structured data, which allows machines to better read and analyze the information, making it easier to compare and analyze financial data across different companies and industries. This in turn facilitates data exchange and automation, as the structured data can be easily used across formats, software applications, and platforms.

XBRL Converts Unstructured Data into Structured Data, Automating Data Exchange