iit hot uue, Indicate why t answer for each que 1. XBRL is: a. A new GAAP standa
ID: 2414493 • Letter: I
Question
iit hot uue, Indicate why t answer for each que 1. XBRL is: a. A new GAAP standard that must be used for SEC filings. b. A c. Owned by the SEC. d. All of the above. tool for labeling financial information and providing context for it. 2. As the term is used in XBRL, a namespace is: a. A URL created by a company that wants to extend XBRL b. A dictionary for finding definitions of new XBRL terms. c. Both a and b. d. Neither a nor b. 3. Tagging software: a. Is a requirement for using XBRL b. Removes the need for human judgment from XBRL coding. c. Often functions as an add-on to other software. d. All of the above.Explanation / Answer
1 Correct Answer is b. A tool for labeling financial information and providing context for it XBRL is a language for electronic communication of Business and financial data which is set to revolutionize business reporting around the world. It provides major benefits in the terms of preparation analysis and communication of business information . 2 Correct Answer is c. Both a and b As the term used in XBRL a namespace is a URL created by a company that wants to extend XBRL and a dictionary for finding items. 3 Correct Answer is c. Often functions as an add - on to other software Tagging software often functions as an add - on to other software.
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