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Query: Is there any benefits to a company by putting its financial statements into XBRL

Category: Corporate Law

Answer: Following are the benefits to a company from using XBRL: 1. XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes can be eliminated. 2. By using XBRL, a company can benefit investors and other stakeholders and enhance its profile. It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. This will improve business relations and lead to a range of benefits. 3. With full adoption of XBRL, companies can automate data collection. 4. Once data is gathered in XBRL, different types of reports using varying subsets of the data can be produced with minimum effort. 5. A company could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders.

Date Posted 15-Dec-2019
Posted By Divya Sharma
Views: 454



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