What are the main challenges of using XBRL?
An example of an AI chatbot conversation about the challenges of XBRL in financial reporting.
What are the main challenges of using XBRL?
The main challenges of using XBRL include complexity in implementation, data quality issues, and the need for specialized knowledge.
Can you explain the complexity in implementation?
Certainly! Implementing XBRL can be complex due to the need for accurate tagging of financial data and integration with existing systems.
What kind of data quality issues arise with XBRL?
Data quality issues can include inconsistent tagging, errors in data entry, and difficulties in ensuring compliance with XBRL standards.
Is specialized knowledge really necessary for XBRL?
Yes, specialized knowledge is crucial for understanding XBRL taxonomy, ensuring proper tagging, and maintaining compliance.
What are some best practices to overcome these challenges?
Best practices include training staff, using automated tools for tagging, and regularly reviewing data for accuracy.
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