Homework Help is Here – Start Your Trial Now!
Engineering
Computer Engineering
Why is there a different XBRL taxonomy for each country, including XBRL-Australia, XBRL-Canada, XBRL-Germany, XBRL- Japan, XBRL-Netherlands, XBRL-US, and XBRL-UK? What would happen if there was only one XBRL taxonomy for all countries? C LO 9-4

Why is there a different XBRL taxonomy for each country, including XBRL-Australia, XBRL-Canada, XBRL-Germany, XBRL- Japan, XBRL-Netherlands, XBRL-US, and XBRL-UK? What would happen if there was only one XBRL taxonomy for all countries? C LO 9-4

Computer Networking: A Top-Down Approach (7th Edition)
Computer Networking: A Top-Down Approach (7th Edition)
7th Edition
ISBN:9780133594140
Author:James Kurose, Keith Ross
Publisher:James Kurose, Keith Ross
Chapter1: Computer Networks And The Internet
Section: Chapter Questions
Problem R1RQ: What is the difference between a host and an end system? List several different types of end...
See similar textbooks
icon
Related questions
Question
5. Why is there a different XBRL taxonomy for each country, including XBRL-Australia, XBRL-Canada, XBRL-Germany, XBRL- Japan, XBRL-Netherlands, XBRL-US, and XBRL-UK? What would happen if there was only one XBRL taxonomy for all countries? L LO 9-4
Transcribed Image Text:5. Why is there a different XBRL taxonomy for each country, including XBRL-Australia, XBRL-Canada, XBRL-Germany, XBRL- Japan, XBRL-Netherlands, XBRL-US, and XBRL-UK? What would happen if there was only one XBRL taxonomy for all countries? L LO 9-4
XBRL stands for eXtensible Business Reporting Language and is based on the XML language (Extensible Markup Language), a standard for Internet communication among businesses. XBRL is specifically designed to electronically communicate business information and is used to facilitate business reporting of financial and nonfinancial data. One of the advantages of XBRL is that it greatly enhances the speed and accuracy of business reporting. XBRL International has developed a taxonomy to describe and tag thousands of financial statement items. XBRL provides major benefits in the preparation, analysis, and communication of business information. Instead of treating financial information as just a block of text that has to be manually reentered into a computer (or digitized) to give it meaning, XBRL gives each financial statement item (both text and numbers) its own unique tag that is computer readable and searchable. Total assets, for example, has its own unique tag telling the database exactly what it is. Accounts receivable has its own tag, and inventory has yet a third tag. In February 2009, the U.S. Securities and Exchange Commission (SEC) passed a new rule titled "Interactive Data to Improve Financial Reporting," which required all large domestic and foreign accelerated filers to begin formatting their financial statements using XBRL. The new rule also requires these same public companies to format their financial statements using XBRL on their corporate websites. XBRL US, a division of XBRL International, was chosen to develop a single taxonomy for SEC financial reporting. Details regarding XBRL and the SEC are available at the SEC's XBRL website: http://xbrl.sec.gov/.
Transcribed Image Text:XBRL stands for eXtensible Business Reporting Language and is based on the XML language (Extensible Markup Language), a standard for Internet communication among businesses. XBRL is specifically designed to electronically communicate business information and is used to facilitate business reporting of financial and nonfinancial data. One of the advantages of XBRL is that it greatly enhances the speed and accuracy of business reporting. XBRL International has developed a taxonomy to describe and tag thousands of financial statement items. XBRL provides major benefits in the preparation, analysis, and communication of business information. Instead of treating financial information as just a block of text that has to be manually reentered into a computer (or digitized) to give it meaning, XBRL gives each financial statement item (both text and numbers) its own unique tag that is computer readable and searchable. Total assets, for example, has its own unique tag telling the database exactly what it is. Accounts receivable has its own tag, and inventory has yet a third tag. In February 2009, the U.S. Securities and Exchange Commission (SEC) passed a new rule titled "Interactive Data to Improve Financial Reporting," which required all large domestic and foreign accelerated filers to begin formatting their financial statements using XBRL. The new rule also requires these same public companies to format their financial statements using XBRL on their corporate websites. XBRL US, a division of XBRL International, was chosen to develop a single taxonomy for SEC financial reporting. Details regarding XBRL and the SEC are available at the SEC's XBRL website: http://xbrl.sec.gov/.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Computer Networking: A Top-Down Approach (7th Edi…
Computer Networking: A Top-Down Approach (7th Edi…
Computer Engineering
ISBN:
9780133594140
Author:
James Kurose, Keith Ross
Publisher:
PEARSON
Computer Organization and Design MIPS Edition, Fi…
Computer Organization and Design MIPS Edition, Fi…
Computer Engineering
ISBN:
9780124077263
Author:
David A. Patterson, John L. Hennessy
Publisher:
Elsevier Science
Network+ Guide to Networks (MindTap Course List)
Network+ Guide to Networks (MindTap Course List)
Computer Engineering
ISBN:
9781337569330
Author:
Jill West, Tamara Dean, Jean Andrews
Publisher:
Cengage Learning
Concepts of Database Management
Concepts of Database Management
Computer Engineering
ISBN:
9781337093422
Author:
Joy L. Starks, Philip J. Pratt, Mary Z. Last
Publisher:
Cengage Learning
Prelude to Programming
Prelude to Programming
Computer Engineering
ISBN:
9780133750423
Author:
VENIT, Stewart
Publisher:
Pearson Education
Sc Business Data Communications and Networking, T…
Sc Business Data Communications and Networking, T…
Computer Engineering
ISBN:
9781119368830
Author:
FITZGERALD
Publisher:
WILEY
SEE MORE TEXTBOOKS