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Which of the following statements about XBRL is not true? XBRL eliminates the need to reenter financial data for different users, which reduces the risks associated with data entry and lowers the cost to prepare and distribute financial statements XBRL is compatible with most but not all software formats and technologies If a company is privately held, it does not have to use XBRL to report its financial information XBRL does not constrain companies to a particular format for their financial reports, only the standardized markers (called tags) that can be coded into those reports

Which of the following statements about XBRL is not true? XBRL eliminates the need to reenter financial data for different users, which reduces the risks associated with data entry and lowers the cost to prepare and distribute financial statements XBRL is compatible with most but not all software formats and technologies If a company is privately held, it does not have to use XBRL to report its financial information XBRL does not constrain companies to a particular format for their financial reports, only the standardized markers (called tags) that can be coded into those reports

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements about XBRL is not true? XBRL eliminates the need to reenter financial data for different users, which reduces the risks associated with data entry and lowers the cost to prepare and distribute financial statements XBRL is compatible with most but not all software formats and technologies If a company is privately held, it does not have to use XBRL to report its financial information XBRL does not constrain companies to a particular format for their financial reports, only the standardized markers (called tags) that can be coded into those reports
Transcribed Image Text:Which of the following statements about XBRL is not true? XBRL eliminates the need to reenter financial data for different users, which reduces the risks associated with data entry and lowers the cost to prepare and distribute financial statements XBRL is compatible with most but not all software formats and technologies If a company is privately held, it does not have to use XBRL to report its financial information XBRL does not constrain companies to a particular format for their financial reports, only the standardized markers (called tags) that can be coded into those reports
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