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XBRL INTERNATIONAL, APPROVED VERSION XBRL Taxonomy Recognition Process Approved Version of 2007-10-17 Copyright XBRL International Inc. 2003-2006, 2007 Editors Name Peter Calvert Contact pscalvert50

How to fill out xbrl taxonomy recognition process

How to fill out XBRL taxonomy recognition process?

1. Understand the purpose: Before starting, it is important to understand why you need to fill out the XBRL taxonomy recognition process. This process is used to recognize and categorize financial data in a standardized format for easier analysis and comparison.
2. Familiarize yourself with XBRL: Gain a basic understanding of XBRL (eXtensible Business Reporting Language), which is a standardized language used for reporting financial and business data. Familiarize yourself with its structure, elements, and concepts.
3. Select the appropriate XBRL taxonomy: Choose the XBRL taxonomy that best aligns with your reporting requirements. A taxonomy is a hierarchical framework that defines the elements and relationships used to express financial information. It provides a standardized way to classify and tag data.
4. Identify the relevant data: Review the data you need to include in your financial reports. Identify the specific concepts, elements, and relationships that need to be recognized and tagged within the XBRL taxonomy. This includes items like revenues, expenses, assets, liabilities, and other financial indicators.
5. Tag the data: Once you have identified the relevant data, you will need to tag each element with the appropriate XBRL taxonomy label. This involves mapping the data to the corresponding XBRL concepts defined in the chosen taxonomy.
6. Validate the XBRL instance: After tagging the data, it is crucial to validate the XBRL instance to ensure accuracy and adherence to the taxonomy. Validate the data against the XBRL specifications and guidelines set by regulatory bodies or standard-setting organizations.

Who needs XBRL taxonomy recognition process?

1. Financial institutions: Banks, credit unions, and other financial institutions utilize XBRL taxonomy recognition to streamline financial reporting processes and improve data accuracy. It allows them to easily compare and analyze financial information across different entities.
2. Publicly traded companies: Publicly traded companies are required to file XBRL-tagged financial statements with regulatory authorities such as the Securities and Exchange Commission. XBRL taxonomy recognition helps these companies comply with reporting regulations, ensure data consistency, and enhance data transparency.
3. Data analysts and investors: Data analysts and investors use XBRL taxonomy recognition to access and analyze financial data more efficiently. It enables them to extract relevant information from a vast amount of financial reports and make informed investment decisions.

In conclusion, filling out the XBRL taxonomy recognition process involves understanding its purpose, familiarizing yourself with XBRL, selecting the appropriate taxonomy, identifying relevant data, tagging the data, and validating the XBRL instance. This process is essential for financial institutions, publicly traded companies, data analysts, and investors who rely on accurate and standardized financial reporting.

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What is xbrl taxonomy recognition process?

The XBRL taxonomy recognition process involves identifying and classifying data elements to be used in XBRL financial reporting.

Who is required to file xbrl taxonomy recognition process?

Companies and entities that are required to submit financial reports in XBRL format are required to file the XBRL taxonomy recognition process.

How to fill out xbrl taxonomy recognition process?

The XBRL taxonomy recognition process is filled out by mapping data elements in financial reports to the appropriate tags within the XBRL taxonomy.

What is the purpose of xbrl taxonomy recognition process?

The purpose of the XBRL taxonomy recognition process is to ensure consistency and accuracy in financial reporting by using standardized tags for data elements.

What information must be reported on xbrl taxonomy recognition process?

The XBRL taxonomy recognition process must include the mapping of financial data elements to the XBRL taxonomy tags.

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