Best practice has been defined as being “a
method or technique that has been generally accepted as superior to any other
known alternatives because it produces results that are superior to those
achieved by other means or because it has become a standard way of doing things”
(Charles Hoffman).
With XBRL, financial information is
represented in reports that are explicated with a taxonomy, therefore, the
necessary quality of the data reported depends on the quality of the taxonomy.
When representing financial information
in an XBRL report, if the concepts and relations between concepts in the underlying
base taxonomy are well understood, information can be represented precisely and
correctly. However, if the concepts and
their relations are not well understood, information quality will likely suffer
because the basic understanding of the underlying XBRL taxonomy lacks clarity
or is ambiguous. Read all...
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