Question 1 (20 marks)

On March 1, 2017 the SEC announced that it had published a taxonomy on its website so that foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) may submit those reports using XBRL. All such foreign private issuers must submit their financial statements in XBRL for fiscal periods ending on or after December 15, 2017. It is expected that investors and other financial statement users will ultimately demand some assurance from an auditor or external party on a firms use of XBRL

Discuss that statement showing the XBRL possible assurance objectives