What are the main challenges of using XBRL?
An example of an AI chatbot conversation about XBRL challenges in financial reporting.
What are the main challenges of using XBRL?
Some key challenges include complexity in implementation, data quality issues, and the need for specialized knowledge.
How can organizations overcome these challenges?
Organizations can invest in training, use automated tools for data validation, and collaborate with experts in XBRL.
Is there a cost associated with implementing XBRL?
Yes, costs can include software, training, and potential consulting fees, depending on the organization's size and needs.
What are the benefits of using XBRL despite these challenges?
Benefits include improved transparency, better data analysis, and enhanced communication with stakeholders.
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