Question
Asked Dec 15, 2019
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1.Explain how XBRL differs from HTML and how XBRL is being used in financial reporting.

2.Do you believe that the use of XBRL improves transparency in financial reporting? Why or why not?

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Expert Answer

Step 1

Lets understand what is XBRL & HTML first-

XBRL means  xtensible business reporting language is a software standard developed to communicate the financial data. It is a freely available global framework for exchanging business information. 

HTML means hypertext markup language , this is a text based approach which helps in describing how the content within a HTML file can be diaplayed, like in text, images or any other forms of multimedia.

Step 2

1. How XBRL is different from HTML-  Please find attached differences between the two: 

How XBRL is used in financial reporting- As XBRL uses tags to identify every piece of financial information , using XBRL the financial data can be converted automatically if its XBRL compatible.  So data is easily transmitted between businesses using this prgramming. Upon building up of its files, it allows accountants and regulatory bodies to identify t...

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HTML XBRL 1 Hyper text markup language extensible Business Reporting Language This is a language understood by a software This is a software standard. Using HTML, a document containing text is extensible Business Reporting Language is an further marked up with additional text implementation of XML (extensible markup language), describing how the document should be 2 displayed. which is a specification that is used for organizing and defining data online. HTML is a text based approach. This describes how content contained within an HTML file is XBRL uses tags to identify each piece of financial data, structured. It tells the web browser how to which then allows it to be used programmatically by an display text, images and other forms of XBRL-compatible program. XBRL allows for easy 3 multimedia on a webpage. transmission of data between businesses. HTML is a standard way of marking of document to specific color or font. Its adds little value to the context ot meaning of XBRL allows users to identify business information as it 4 document provide users with set of business information tags

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