What is XBRL and how is it used in financial reporting?
An example of an AI chatbot conversation about XBRL usage in financial reporting.
What is XBRL and how is it used in financial reporting?
XBRL stands for eXtensible Business Reporting Language. It's a standardized format for exchanging financial data.
Why is XBRL important for investors?
XBRL enhances transparency and comparability of financial statements, making it easier for investors to analyze data.
Can you give me examples of companies that use XBRL?
Many public companies, especially in the U.S., use XBRL for their SEC filings, like Apple and Microsoft.
How does XBRL improve the reporting process?
XBRL automates data collection and analysis, reducing errors and saving time in the reporting process.
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