The First Country to Formally Require XBRL for Public Company

question 53

Multiple Choice

The first country to formally require XBRL for public company financial reporting was:

• A)Canada
• B)the United States
• C)China
• D)Brazil

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Definitions:

Liabilities

Obligations that come due in the future. Liabilities are the financial rights or claims of creditors to assets.

Departmental Accounting

An accounting method that tracks the income and expenses of individual departments within a company, helping in performance assessment and budgeting.

Revenue

The total amount of money generated by the sale of goods or services related to a company's primary operations.

Expenses

Costs incurred during a business's operational activities.