Extensible business reporting language disadvantages of homeschooling

XBRL uses an open-standard of creation and does not require licensing fees. More accurate data makes XBRL a great tool, but it also means the data must remain secure.

Children who are homeschooled lack access to the facilities public schools can provide. Even companies that outsource the tagging need XBRL knowledge to internally review files and vet their quality. With more than 20, tags related to the taxonomy, there is an enormous volume of data to handle and an even bigger responsibility to get the content right.

This means nobody is tracking whether homeschooled children are making progress with their studies. However, parents can work around this with home based science experiments and field trips to appropriate facilities. Cost The largest disadvantage remains cost.

According to Malin, Bergquist and Company, LLP, "Although some experts say, over time, XBRL could lead to up to a twenty five percent decrease in reporting costs, some companies may find it difficult to justify the initial costs… " Unless a company has an automated tagging process, tagging XBRL data consumes hours of labor, increasing the cost associated with using the language.

These errors lead to a lack of confidence in the system and by investors. Now comes a powerful new form of data, one that speaks the language of business. And in this period of transition, accuracy and compliance have become more critical than ever.

In some states, there is no home schooling regulation. However, some homeschooling parents join networks that overcome this. Tablet image via Shutterstock. Homeschooled children receive one-to-one attention from their educator, rather than being one child among many in a classroom.

XBRL also has the potential to help investors, financials aggregators, governments, the SEC and other federal agencies find relevant needles of insight in gargantuan haystacks of financial data — in a matter of minutes. This means going on more field trips to broaden their learning. Full Answer Other concerns surrounding homeschooling include: For example, gymnasiums and science laboratories.

Despite its advantages, XBRL has disadvantages as well. There are some known advantages of homeschooling: This outsourcing leads to increased cost and defeats the cost-cutting benefits associated with implementing XBRL.

Homeschooled kids have more opportunities to interact with the community as part of their education. If a data breach occurs and investors gain access to the breached data because of its constant availability then inaccurate investment decisions could stem from the breach. Some feel that homeschooled children may not receive enough socialization, whereas in school they interact with other children regularly.

Ami is responsible for providing information, tools and resources that enable members to provide valuable business reporting, assurance and advisory services.

As national studies tracking the progress of home schooled children rely on voluntary participation, they may not represent all homeschooled children across the country.

There is a tremendous opportunity for firms that take the lead in XBRL fluency, whether in attracting new business or educating clients and other firms on the requirements within a consulting role.

A non-profit international consortium heads up development of XBRL. Of course, on an individual level, XBRL is more than a component of financial reporting. Because of this reason, many companies outsource the implementation of XBRL instead of letting in-house management information systems resources MIS manage the implementation.

By the nature of its format, XRBL, or eXtensible Business Reporting Language, brings transparency to business information so investors can analyze data more easily and make informed investment decisions.

More than 9, companies are now required by the SEC to submit quarterly XBRL files that include tagged financial statements, as well as detailed data in footnotes. (XBRL) is a language for the electronic communications of all sort of businesses and the exchange of financial data that is transforming business reporting around the globe.

First in this research, I will discuss the definition and origins of (XBRL), and then I will summarize how (XBRL) works. Advantage 7 – SEC Compliance: An important variant of XML is XBRL (Extensible Business Reporting Language) which is recommended by the United States Securities and Exchange Commission (SEC) for reporting financial earnings information to the U.S.

Federal Government.

XBRL (Extensible Business Reporting Language)

XBRL (Extensible Business Reporting Language), formerly code named XFRML, is a freely available electronic language for financial reporting. It is an XML-based framework that provides the financial community a standards-based method to prepare, publish in a variety of formats, reliably extract and automatically exchange financial statements of.

From the winforlifestats.com web site, XBRL means extensible business reporting language. XBRL is a language for the electronic communication of business and financial data which uses business reporting around the world%(5).

What Are the Disadvantages of Homeschooling?

Extensible Business Reporting Language (XBRL) An XML based markup language used to communicate financial and business data electronically. You can use it to code information such as financial statements, earnings released, stock performance, etc.

and submit that information so that it can be easily displayed and sorted through. The US GAAP Financial Reporting Taxonomy is a list of computer-readable tags in XBRL that allows companies to label precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures.

Extensible business reporting language disadvantages of homeschooling
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Disadvantages of Using XBRL | winforlifestats.com