You are a senior consultant in the risk and advisory practice at your Big Four public accounting firm, working on a financial reporting engagementYour client, Socrates, is a software as a service provider. You are presenting at an upcoming meeting of Socrates' department managers and senior leadershipCurrently, Socratesfinancial reporting is not as sophisticated as the reporting of competitors in the industryYour 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: (Fill in blanks for numbers (1) - (10) )

Fundamentally , XBRL is a way to (1)_______ and (2)________ XBRL was created by using a form of (3)_______ 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)________ uses (7)________ to associate parts of XBRL taxonomy to corresponding data , which is known as an) ( 8)________ 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.

Answer choices are:

-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