a. Suppose you were talking to a finance major at your school who had never heard of XBRL, but had recently gone to work for the FDIC. Briefly explain what XBRL is and how it is useful to the FDIC and other organizations.
b. Explain the following terms as they relate to XBRL: taxonomy, namespace, instance document. Which taxonomy would banks likely use for their call reports?
c. What internal controls should banks institute to address the risks associated with XBRL? What internal controls should the FDIC institute for that same purpose?