Explain How the Extensible Business Reporting Language ( XBRL)system Works

question 6

Essay

Explain how the Extensible Business Reporting Language ( XBRL)system works and discuss the effects that its use is likely to have on financial reporting.

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Definitions:

Control

The power to influence or direct people's behavior or the course of events, often exercised through rules, regulations, or manipulation.

Supersectors

Large, overarching industries or segments of an economy, grouping together a broad spectrum of related sectors based on common characteristics.

Knowledge

Information, understanding, or skill that one gets through experience or education; the theoretical or practical understanding of a subject.

Service Work

Work that involves providing a service to businesses or individual clients, customers, or consumers rather than manufacturing goods.