What is the history of XBRL?
An example of an AI chatbot conversation about the history of XBRL.
What is the history of XBRL?
XBRL, or eXtensible Business Reporting Language, was developed in the late 1990s to improve the way financial data is communicated.
Who created XBRL and why?
XBRL was created by a consortium of organizations, including the AICPA, to enhance the transparency and efficiency of financial reporting.
How has XBRL evolved over the years?
XBRL has evolved with advancements in technology, leading to wider adoption by regulatory bodies and companies for better data interoperability.
What are the benefits of using XBRL?
The benefits include improved accuracy, faster reporting, and easier data analysis, making it a valuable tool for stakeholders.
Are there any challenges associated with XBRL?
Yes, challenges include the complexity of implementation and the need for training to ensure proper usage among users.
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