eXtensible Business Reporting Language (XBRL)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 20CYBK
Related questions
Question
Concerning eXtensible Business Reporting Language (XBRL), which of the following statements is not true?
A. XBRL reduces the need for information to be manually reentered into analysis tools
B. XBRL creates unique tags for each data item
C. XBRL is used for internal (managerial) reporting
D. XBRL reduces the need to produce multiple reports
Expert Solution
Evaluation of options
Option A is wrong because the statement is true. XBRL helps to reduce the manual work.
Option B is wrong because the statement is true. XBRL helps to assign tags based on taxonomies.
Option D is wrong because the statement is true. XBRL saves time and costs involved in the manual work of producing several reports.
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