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What do the initials XBRL represent

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1. While performing a review of business controls in accounts payable, you have discovered a control issue. Segregation of accounting duties is not being upheld as the accounts payable clerks also have the ability to make and delete vendors in the computer system. Explain the control concern/business risk so the IT group, responsible to correct the issue, will understand the business need.

Question 1. What do the initials "XBRL" represent? Why is XBRL needed in the financial community? In your opinion, why would the Securities and Exchange Commission in the US mandate its usage? What does it provide that was not available before XBRL?

Reference no: EM132462288

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