How can I learn XBRL?
How can I learn XBRL?
If you want to learn about XBRL, I would recommend following these steps:
- Read XBRL for Dummies.
- If you want more detail, read Financial Reporting Using XBRL.
- Get your hands dirty.
- If you need XBRL tools, see this web page.
What is an XBRL concept?
eXtensible Business Reporting Language (XBRL) is a freely available global framework of accounting standards used for exchanging business information. XBRL is based on XML coding and is a standardized way of transmitting financial records around the world.
What are the disadvantages of XBRL?
XBRL increases the potential for error. Many cite the potential for errors and inconsistencies as a major disadvantage. If companies select the wrong tag from a taxonomy (for example the US GAAP Taxonomy or “UGT”) then users of that information would rely on the incorrect information.
Is XBRL required?
In June 2018, the Securities and Exchange Commission (SEC) adopted a rule requiring public companies to embed interactive data tags into their financial statements directly using a process called the inline eXtensible Business Reporting Language (XBRL).
What are some of the most important features of XBRL?
Features of XBRL:
- Integration with MCA: Seamless integration with MCA Website.
- Excel Import-Export: Simple import-export functionality through excel templates.
- Prepare & File Unlimited Returns with XBRL Tool:
- Interlinking:
- Audit Trails:
- Auto Calculation:
- Simplified Work Flow:
- Support:
What is the XBRL taxonomy?
Taxonomies are the reporting-area specific hierarchical dictionaries used by the XBRL community. They define the specific tags that are used for individual items of data (such as “net profit”), their attributes and their interrelationships.
What are the advantages and disadvantages of XBRL?
XBRL reduces the need for manual entries, meaning more time can be spent on data analysis. Preparing and filing financial statements with SSM is a several stage process that involves a lot of hassles and costs. XBRL filing, on the other hand, provides scalability and a reduction in total costs.
What is XBRL and its features?
XBRL is an Internet-based non-proprietary open standard which is used for the preparation, exchange and publishing of financial information among disparate computer platforms, software applications, and accounting standards. When formatted with tags, financial statements are called XBRL instance documents.
Who benefits from XBRL?
XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and manipulate XBRL information.
What are the benefits of XBRL data tags?
Comprehensive definitions and accurate data tags allow the: of business information of all kinds. Information in reports prepared using the XBRL standard is interchangeable between different information systems in entirely different organisations. This allows for the exchange of business information across a reporting chain.
What is the XBRL technology?
XBRL technology is intended to make it easier for investors and analysts to compare information across companies and industries and over time; however, issues arising from XBRL implementation have hampered data comparability. Use of third-party XBRL service provider.
What is the Inline XBRL format?
The Inline XBRL format has the potential to provide a number of benefits to companies and users of the information. Inline XBRL could decrease filing preparation costs, improve the quality of structured data, and by improving data quality, increase the use of XBRL data by investors and other market participants.
Are taxonomy extensions achieving data comparability in XBRL Filing?
XBRL US helped the SEC create the first U.S. GAAP Taxonomy in 2008; subsequently, the SEC mandated XBRL filing, beginning in 2009. This article examines the extent to which data comparability has been achieved by analyzing the use of taxonomy extensions in XBRL filings. The analysis reveals opportunities for CPAs in the XBRL reporting area.
https://www.youtube.com/watch?v=ZBu9PCkFDwQ
