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Advantages of XBRL

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan asked over 2 years ago

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered over 2 years ago

The first problem is that preparing a financial statement for printing, for a Web site, and for filing today means that a company could typically enter information three times. With XBRL, information will be entered once and the same information will be “rendered” as a printed financial statement, an HTML document for a Web site, an EDGAR filing file, a raw XML file, or a specialized reporting format such as periodic banking and other regulatory reports.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 2 years ago

XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision-making **Advabtages of XBRL** -Users of data which is received electronically in XBRL can automate its handling, cutting out time-consuming and costly collation and re-entry of information. Software can also immediately validate the data, highlighting errors and gaps which can immediately be addressed. - It can also help in analysing, selecting, and processing the data for re-use. Human effort can switch to higher, more value-added aspects of analysis, review, reporting and decision-making. In this way, investment analysts can save effort, greatly simplify the selection and comparison of data, and deepen their company analysis. Lenders can save costs and speed up their dealings with borrowers. Regulators and government departments can assemble, validate and review data much more efficiently and usefully than they have hitherto been able to do. -XBRL facilitates principle-based accounting because it reduces the need to worry about where the item is reported, but only that it is. -XBRL is not just for reporting to the SEC. The possible future uses for XBRL include reporting to lenders, IRS and other regulating bodies. XBRL facilitates convergence of accounting standards by the ability to align financial concepts among public taxonomies. -XBRL drives transparency and improves the efficiency of capital markets by helping analysts and other users of financial and business information find relevant facts. -XBRL improves the efficiency of the capital markets by reducing the cost associated with covering a company and making the market more accessible to small and mid-cap companies. -XBRL better enables the CPA profession to proactively fulfill its primary mission to protect the public interest by improving investor access to the capital markets and increasing analyst coverage of both small and large companies through a reduction in the cost associated with covering a company.

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Picsjoin 2017224123730582 Archana answered over 2 years ago

Hie Lochan, **Advantages of XBRL :-** - By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply, and efficiently if the sources of information have been upgraded to using XBRL. - For AICPA members who serve in financial management, auditing, and information technology roles, XBRL will streamline the preparation of business and financial reports for internal and external decision making. XBRL will significantly improve the ability of CPAs in financial management to more precisely direct and publish financial information to investors, regulators, analysts, lenders, and other key stakeholders. - XBRL is not just for reporting to the SEC. The possible future uses for XBRL include reporting to lenders, IRS and other regulating bodies. - XBRL facilitates convergence of accounting standards by the ability to align financial concepts among public taxonomies. - XBRL facilitates principle-based accounting because it reduces the need to worry about where the item is reported, but only that it is. - XBRL drives transparency and improves the efficiency of capital markets by helping analysts and other users of financial and business information find relevant facts. - XBRL improves the efficiency of the capital markets by reducing the cost associated with covering a company and making the market more accessible to small and mid-cap companies. - XBRL better enables the CPA profession to proactively fulfill its primary mission to protect the public interest by improving investor access to the capital markets and increasing analyst coverage of both small and large companies through a reduction in the cost associated with covering a company.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Prity answered over 2 years ago

Advantages of XBRL XBRL solves two significant problems through efficient preparation of financial statements in many forms and reliable extraction of specific detailed information from the different forms of financial statements. The first problem is that preparing a financial statement for printing, for a Web site, and for filing today means that a company could typically enter information three times. With XBRL, information will be entered once and the same information will be “rendered” as a printed financial statement, an HTML document for a Web site, an EDGAR filing file, a raw XML file, or a specialized reporting format such as periodic banking and other regulatory reports. The second problem is that today, extracting specified detailed information from a financial statement, even an electronic financial statement like an EDGAR filing, is a manual process. For example, a company cannot tell a computer program to “Get the depreciation expense for 1999” from an electronic financial statement. If a financial statement is prepared using XBRL, computer programs can easily extract every piece of information in that statement. This also includes Web browsers on the Internet.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Amit Goyal answered over 2 years ago

Dear Lochan Ji , As Far as your query is concerned with Advantage Of XBRL . Let Me informed you That there are Following Advantage Of XBRL. [1] It Helps to Automate the process of data collection. [2] XBRL Helps in communication perfectly and strongly between very users of business. [3] it helps in data collection And reporting . [4] it also helps in Data consumption and analysis. [5] it is timely consuming process then manual form of communication. thanks with best regards amit goyal

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