Since its inception in 1998, the data-tagging financial software XBRL has been controversial. It was first popularized during the early 2000s and then became a household name.
Although there are some disagreements about this "minor inconvenience", which involves changes in standard formats and templates, XBRL filing & XBRL conversion in Singapore saves time and allows for automated comparison with quick lookup functions for filing.
Worldwide accounting standards were standardized in 2012. XBRL could be a powerful tool if all accounting standards around the world come together to create a single accounting standard. It can be used for taxonomy, basic management reporting, or even general accounting for your AGM.
One notable point about XBRL is its real-time data sharing and tagging. Performance reports on the most important metrics can now be shared between internal networks. They can also be evaluated and key decisions can be made immediately, rather than waiting for long periods of time to process all of the data in one pictured, formatted table.
This minor change should be considered by companies. Forget spreadsheets or push-export reporting. Get it live, in-action, and real-time. You can handle any issue immediately, such as a missing variable or weird termination of a report. It's like expecting the mailman to send a bulk of your mail every day to you in a go – Regardless of what time it's sent. As compared to real-time send/receive.