There Is a Different XBRL Taxonomy for Each Country,including XBRL

question 46

Essay

There is a different XBRL taxonomy for each country,including XBRL Australia,XBRL Canada,XBRL Germany,XBRL Japan,XBRL-Netherlands,XBRL-US,and XBRL-UK.What would happen if there were only one XBRL taxonomy for all countries?

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Definitions:

Dissaving

The consumption of funds beyond current income, often leading to the depletion of wealth or the incurrence of debt.

Property Taxes

Taxes paid by property owners, usually calculated based on the value of their real estate holdings, to fund local services like education and infrastructure.

Tax Deductible

Expenses that can be subtracted from gross income to reduce the amount of income subject to taxation.

Home Equity Loans

A type of loan in which the borrower uses the equity of their home as collateral. These loans are often used to finance major expenses.