XBRL assurance
Okay kiddo, so XBRL is a computer language used to organize and share financial information. It helps companies and organizations report their financial data more accurately and efficiently.
Now, when we talk about XBRL assurance, it means that someone (usually an accountant or auditor) goes through all the financial information in XBRL format to make sure it's correct and can be relied on by investors, analysts, and regulators.
Just like when you do your homework, your teacher checks it to make sure you did it right. In the same way, companies need someone to check their financial information in XBRL format to make sure it's accurate and can be trusted.
Hope that helps!
Now, when we talk about XBRL assurance, it means that someone (usually an accountant or auditor) goes through all the financial information in XBRL format to make sure it's correct and can be relied on by investors, analysts, and regulators.
Just like when you do your homework, your teacher checks it to make sure you did it right. In the same way, companies need someone to check their financial information in XBRL format to make sure it's accurate and can be trusted.
Hope that helps!