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Query: How do companies create statements in XBRL

Category: Corporate Law

Answer: There are a number of ways to create financial statements in XBRL: I. XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags. II. Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL. III. Statements can be mapped into XBRL using XBRL software tools designed for this purpose IV. Applications can transform data in particular formats into XBRL. The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors

Date Posted 15-Dec-2019
Posted By Divya Sharma
Views: 375



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