From the course: Excel for Accountants

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XBRL, Edgar, and corporate financial reporting

XBRL, Edgar, and corporate financial reporting - Microsoft Excel Tutorial

From the course: Excel for Accountants

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XBRL, Edgar, and corporate financial reporting

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- [Accountant] One new area of accounting that you want to be familiar with that relates directly to financial statements and Excel is the use of XBRL. XBRL is not a new accounting standard, but rather it's intended to enhance distribution and usability in existing financial information. In other words, it enables us to go through and evaluate financial statements in an apples-to-apples way across different firms. XBRL is required for large firms that are publicly traded, and in particular, those large firms have to file with the SEC through their EDGAR database. The basic idea or the purpose of XBRL is really to try to reduce the level of difference between different firms and their financial statements. That is to make them a little bit more comparable across different companies. So we're trying to create consistency for a particular firm, both over time and across different firms. Now, XBRL doesn't have to be difficult to use for a firm, but the reality is, unfortunately, it's a…

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