|Section 10: Questions and Problems
- How long has XBRL been available?
- What is a taxonomy?
- What is different about XBRL taxonomy compared to other XML taxonomies?
- What are the steps required to mark up financial statements in XBRL?
- Why should a business create XBRL-enabled financial reports?
- What cost savings are possible for a company using XBRL?
- Why would a Wall Street brokerage firm what corporations to use XBRL?
- How does XBRL make posting information to the Internet faster?
- Will the XBRL specification 1.0 ever change? Why?
- Why should financial professionals learn about XBRL?
1. Construct an instance document for the income statement of X-treme Company using the following data:
|Cost of Sales
|Income before tax
Use these Instance Document Samples from xbrl.org.
2. Visit the W3C Web site and visit the XML Schema Part 0 Primer, the purchase order. Compare the instance document, po.xml to the Schema, po.xsd.
a. What is the relationship between the two documents?
b. Which elements of the schema could be used to feed information into the financial system?