You are a senior consultant in the risk and advisory practice at your Big Four public accounting firm, working on a financial reporting$$ automate the process

consolidate financial information

element

improve access to financial information

suitable for any business

tags

taxonomy

XBRL instance document

XBRL International Consortium

XBRL tags

XML

engagement. Your client, Socrates, is a software as a service provider. You are presenting at an upcoming meeting of Socrates'

department managers and senior leadership. Currently, Socrates' financial reporting is not as sophisticated as the reporting of

competitors in the industry. Your consulting team thinks moving to XBRL is a way to close the reporting gap. You have been asked to

give a brief talk on XBRL$,$ including providing a general understanding of its functionality and benefits. This is what you say: $($Enter

answers in alphabetical order for $(1)$ and $(2).)$

"Fundamentally, XBRL is a way to $(1)$

and $(2)$

XBRL was created by using a form of

$,$ which is a well$-$known computer language. It uses

$a(n)(4)$

$,$ which is an open standard that is managed by the $(5)$

$.$ Using an open standard for this type of reporting makes the use of XBRL $(6)$

$.$It uses $(7)$

to associate parts of XBRL taxonomy

to corresponding data, which is known as a$($n$)(8)$

$.$ If we moved to XBRL instead of using our

current process, which involves sending numerous copies to external parties, we would create a$($n$)(9)$

that would be used to share financial information with all interested parties. One main

benefit of moving to XBRL is that we would have a more effective way to $(10)$

$,$ which will

increase the efficiency of the Accounting department."