Consider each of the following statements and state whether they are true or false. 1. XBRL allows

Question:

Consider each of the following statements and state whether they are true or false.
1. XBRL allows tagging to highly disaggregated data
2. XBRL GL allows the representation of anything that is found in a chart of accounts, journal entries, or historical transactions–financial and nonfinancial.
3. XBRL style sheets take the instance documents and add presentation elements to make them readable.
4. XBRL stands for Extensible Base Reporting Language.
5. XBRL instance documents contain the actual dollar amounts or the details of each account.
6. XBRL for U.S. GAAP has approximately 2,000 element labels or tags.
7. Assurance of XBRL is required by the Securities and Exchange Commission.
8. XBRL GL serves as a ledger using the XBRL standard for internal purposes.
9. XBRL GL does not allow consolidation of the financials of multiple organizations.
10. There is a specific XBRL style sheet required by financial analysts.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...