Listed below are some advantages and disadvantages of this language. The blog is created for an IT course assignment. Cost The largest disadvantage remains cost. If a data breach occurs and investors gain access to the breached data because of its constant availability then inaccurate investment decisions could stem from the breach.
Provides a standardized language for all companies reporting their financial data Allows investors and stakeholders to easily download and understand financial reports Provides a list of definitons taxonomies for the financial terms used Saves time in entering and reporting financial data and increases efficiency Is very cost-effective Is not used by all publicly traded companies as of now Tags may be wrongly assigned to financial terms There is still a lack of consistency in the use of standards Wrong definitions taxonomies may be given to certain financial terms It may pose security risks for companies publicly reporting their financial information Posted by.
According to Malin, Bergquist and Company, LLP, "Although some experts say, over time, XBRL could lead to up to a twenty five percent decrease in reporting costs, some companies may find it difficult to justify the initial costs… " Unless a company has an automated tagging process, tagging XBRL data consumes hours of labor, increasing the cost associated with using the language.
Advantages and Disadvantages XBRL stands for Extensible Business Reporting Language, which is a language used for the electronic communication of business and financial data.
A non-profit international consortium heads up development of XBRL.
It assigns unique tags to different financial terms, categorizes themshows the relationship between them, and allows the data to be analyzed by the computer software.
More accurate data makes XBRL a great tool, but it also means the data must remain secure. XBRL uses an open-standard of creation and does not require licensing fees. XBRL is expected to revolutionize the business and financial world.
These errors lead to a lack of confidence in the system and by investors. Because of this reason, many companies outsource the implementation of XBRL instead of letting in-house management information systems resources MIS manage the implementation.
This outsourcing leads to increased cost and defeats the cost-cutting benefits associated with implementing XBRL.
Despite its advantages, XBRL has disadvantages as well.Start studying ACC CHAN CHAPTER Learn vocabulary, terms, and more with flashcards, games, and other study tools.
A. a lower cost of advertising per customer reached. A.
XML is extensible markup language while XBRL is extensible business reporting language. B. XML is extensive markup language while XBRL is extensive business.
Extensible Business Reporting Language (XBRL) Standardized tagging system for financial reports (when data gets computerized- things are called the same thing) Sustainability and. DEFINITION of 'eXtensible Business Reporting Language - XBRL' eXtensible Business Reporting Language is a standard that was developed to improve the way in which financial data is.
XBRL (Extensible Business Reporting Language) is an XML-based computer language for the electronic transmission of business and financial data.
The goal of XBRL is to standardize the automation of business intelligence (BI). (XBRL) is a language for the electronic communications of all sort of businesses and the exchange of financial data that is transforming business reporting around the globe. First in this research, I will discuss the definition and origins of (XBRL), and then I will summarize how (XBRL) works.
XBRL (Extensible Business Reporting Language), is a freely available XML-based specification that uses accepted financial reporting standards and practices to exchange financial statements across all software and technologies.Download