What are the benefits of a company tagging their financial statements and putting them into the XBRL format?
XBRL increases the re-usability of financial statement information. Eventually the need to re-key financial data for analytical and other purposes should be virtually eliminated. This has the potential to reduce manual errors, and give companies the ability to proof and control their own data. As more tools are developed to take advantage of XBRL format information, and more companies embrace and support this new standard, financial information will be ready and available for next phase of Web Services.
