Table of ContentsXBRL ProgramsXBRLAdvantages of XBRL Over Other AlternativesHTMLXMLDisadvantages and DisadvantagesConclusionXBRL are used to represent the contents of financial statement articulations and work reports in a created manner. XBRL can help accountants, policymakers, analysts and regulators prepare, exchange, extract and analyze financial reports. Additionally, it allows information to be moved quickly between organizations. It is called “Reporting Bar Code”, which allows tags to be linked to reported regulations. XBRL depends on the exchange of stock data through a progression of reports and the exchange of business reports, for example, financial statements. It allows markup that can be aggregated into reports. This data analyzes a separate system for large amounts of data. This development contributes to the clarity and accuracy of information. Digital Reports aims to simplify the method of using, analyzing and adding value to data. XBRL is used in many companies to prepare financial statements and structured evidence needed by regulators and analysts. Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayXBRL ProgramsXBRL uses software to tag all elements of financial reporting to the business elements of the taxonomy. This is achieved through an instance document that can be exchanged and validated electronically between computers or displayed in a readable format. Taxonomy: This is a collection of ideas related to money in which each idea is characterized. Additionally, scientific classification characterizes the connections between ideas within the meeting. In this way, if we are working with a monetary record item, for example Cash, the scientific categorization would incorporate the meaning of Cash and also show how Cash can relate to other accounting reporting items. and it is protected by XBRL.Taxonomy Extension: the X in XBRL remains for eXtensible. Therefore, if a specific idea does not yet exist in an open scientific classification, there is the possibility of supplementing or modifying its components to respond to the organization's problems; called broadening scientific categorization. This extensibility is one of the most important parts of XBRL, as it accommodates broad adjustments and uses of XBRL. Tagging: Tagging is the process of applying financial data to elements of a label. Marks are created when creating an instance document.Instance document: An instance document is a file that includes company-specific business reporting information in a structured way that computers can recognize and exchange intelligently. It is expected that instance documents will be created for individual financial reports (annual reports, results publications, submissions to creditors). The instance document is an XML file in which everything is gathered.5. Rendered: An example report is a computer-readable XML record. Rendering is the procedure by which XBRL programming will render a sample report in a configuration that people can understand and read. Advantages of business, you need to collect all the data manually and if you want to analyze and compare thedata, you have to read all paper reports, which gives a high chance of errors. This is why digital reporting is increasingly used today, but everyone uses different software. In this way, it is still difficult to compare these reports. This is why the global standard (XBRL) will be mandatory very soon and everyone will have to use it. There are enormous benefits to using such type of language. At different levels, the technology provides users such as regulators, investors and businesses with an assistant in interpreting the information presented in financial reports. These benefits can range from standardization, machine readability, automation, cost reduction, more reliable and accurate data processing, which results in better quality of analysis and decision-making process. The use of XBRL would allow producers of financial information to stop re-entering the data to analyze the information from the previous step done in a short time now. XBRL should provide the user with full support for extended and built-in definitions. In addition to what was mentioned previously, the reporting tool has a main mission which is to constantly check for errors that could occur in accounting logic such as currency, stocks and flows. Sometimes, by mistake, the accountant entered data twice. XBRL ensures that such redundancy will not occur. XBRL would support any sophisticated multidimensional report, including any type of report. Such type of reporting tool has the ability to increase the efficiency and effectiveness of the accountant. There are different reporting tools that can be used. However, XBRL can easily be the best among them. Here is a brief comparison of this electronic reporting tool among its alternatives.HTMLCompared to XBRL which can be migrated to systems, HTML does not support it. In terms of flexibility, XBRL is more flexible in the type of report it can work with, which is the opposite of HTML. This markup language is not the right choice for sophisticated reports prepared for the enterprise like XBRL does. HTML could be a great alternative, but these reports without any in-depth programming would be useless in preparing definitions. Tags are usually predefined in HTML and user defined in XBRL, which gives a better specification. The components vary between the two. HTML only has tags and XBRL has specifications, taxonomy, snapshot documents and tags. XML Digital reporting tool supports complex reports like XBRL, but that doesn't mean it's best for businesses. XML can provide many benefits, but it cannot reach the capabilities of XBRL. The reporting tool cannot handle sophisticated reporting units like XBRL. Things like stocks and the currency used in the report may be supported by XBRL but not XML. Additionally, it does not support the use of some accounting concepts such as debit and credit like XBRL. Disadvantages and FlawsXBRL facilitates near real-time disclosure, which has advantages. However, this emphasizes short-term results at the expense of long-term goals. High error rates and inconsistency due to companies not choosing the correct tag in a taxonomy, decreasing the reliability of information provided to users. In fact, according to Wang (2015), more than 1.4 million errors had been reported as of August 2013. Many have found that the taxonomy :.