Advantages of XBRL:
- Provides a standardized language for all companies reporting their financial data
- Allows investors and stakeholders to easily download and understand financial reports
- Provides a list of definitons (taxonomies) for the financial terms used
- Saves time in entering and reporting financial data and increases efficiency
- Is very cost-effective
Disadvantages of XBRL:
- Is not used by all publicly traded companies as of now
- Tags may be wrongly assigned to financial terms
- There is still a lack of consistency in the use of standards
- Wrong definitions (taxonomies) may be given to certain financial terms
- It may pose security risks for companies publicly reporting their financial information
simple and informative
ReplyDeleteSuper web log! I actually like how it is user-friendly on my eyes and as well the information are well scripted. I am curious how I might be notified whenever a brand-new post has been successful. I have subscribed to your rss feed which must do the trick! TX again! IT Support Milton Keynes
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