Which of the following statements about XBRL is not true? XBRL eliminates the need to reenter financial data for different users, which reduces the risks associated with data entry and lowers the cost to prepare and distribute financial statements XBRL is compatible with most but not all software formats and technologies If a company is privately held, it does not have to use XBRL to report its financial information XBRL does not constrain companies to a particular format for their financial reports, only the standardized markers (called tags) that can be coded into those reports

Which of the following statements about XBRL is not true? XBRL eliminates the need to reenter financial data for different users, which reduces the risks associated with data entry and lowers the cost to prepare and distribute financial statements XBRL is compatible with most but not all software formats and technologies If a company is privately held, it does not have to use XBRL to report its financial information XBRL does not constrain companies to a particular format for their financial reports, only the standardized markers (called tags) that can be coded into those reports

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 3Q

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