With more than 20, tags related to the taxonomy, there is an enormous volume of data to handle and an even bigger responsibility to get the content right.
Even companies that outsource the tagging need XBRL knowledge to internally review files and vet their quality. Tablet image via Shutterstock. However, some homeschooling parents join networks that overcome this.
According to Malin, Bergquist and Company, LLP, "Although some experts say, over time, XBRL could lead to up to a twenty five percent decrease in reporting costs, some companies may find it difficult to justify the initial costs… " Unless a company has an automated tagging process, tagging XBRL data consumes hours of labor, increasing the cost associated with using the language.
By the nature of its format, XRBL, or eXtensible Business Reporting Language, brings transparency to business information so investors can analyze data more easily and make informed investment decisions.
Because of this reason, many companies outsource the implementation of XBRL instead of letting in-house management information systems resources MIS manage the implementation.
XBRL also has the potential to help investors, financials aggregators, governments, the SEC and other federal agencies find relevant needles of insight in gargantuan haystacks of financial data — in a matter of minutes.
Despite its advantages, XBRL has disadvantages as well. There are some known advantages of homeschooling: These errors lead to a lack of confidence in the system and by investors. Homeschooled kids have more opportunities to interact with the community as part of their education.
Children who are homeschooled lack access to the facilities public schools can provide. In some states, there is no home schooling regulation. This means going on more field trips to broaden their learning. This means nobody is tracking whether homeschooled children are making progress with their studies.
Cost The largest disadvantage remains cost. And in this period of transition, accuracy and compliance have become more critical than ever. More accurate data makes XBRL a great tool, but it also means the data must remain secure. As national studies tracking the progress of home schooled children rely on voluntary participation, they may not represent all homeschooled children across the country.
For example, gymnasiums and science laboratories. Homeschooled children receive one-to-one attention from their educator, rather than being one child among many in a classroom.
If a data breach occurs and investors gain access to the breached data because of its constant availability then inaccurate investment decisions could stem from the breach. Full Answer Other concerns surrounding homeschooling include: Now comes a powerful new form of data, one that speaks the language of business.
Of course, on an individual level, XBRL is more than a component of financial reporting. A non-profit international consortium heads up development of XBRL. There is a tremendous opportunity for firms that take the lead in XBRL fluency, whether in attracting new business or educating clients and other firms on the requirements within a consulting role.
XBRL uses an open-standard of creation and does not require licensing fees. Some feel that homeschooled children may not receive enough socialization, whereas in school they interact with other children regularly. This outsourcing leads to increased cost and defeats the cost-cutting benefits associated with implementing XBRL.
More than 9, companies are now required by the SEC to submit quarterly XBRL files that include tagged financial statements, as well as detailed data in footnotes. Ami is responsible for providing information, tools and resources that enable members to provide valuable business reporting, assurance and advisory services.
However, parents can work around this with home based science experiments and field trips to appropriate facilities. - DISADVANTAGES - USERS XBRL is a type of XML (extensible markup language).
XBRL uses tags to identify each piece of financial data. • (Extensible Markup Language (XML) is a markup language that defines a set of rules for encoding documents in a format that is.
XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
Disadvantages of XML. Include bigger file size SLow processing Greater complexity due to tags. Extensible Business Reporting Language (XBRL). XBRL International is a global not for profit operating in the public interest.
Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting. May 30, · XBRL stands for Extensible Business Reporting Language, which is a language used for the electronic communication of business and financial data.
It assigns unique tags to different financial terms, categorizes them, shows the relationship between them, and allows the data to be analyzed by the computer software.
From the michaelferrisjr.com web site, XBRL means extensible business reporting language. XBRL is a language for the electronic communication of business and financial data which uses business reporting around the world%(5).Extensible business reporting language disadvantages of homeschooling