(20) What is XBRL tagging?

Answer:

•  XBRL Tagging is the process by which any financial data is tagged with the most relevant element in an accounting taxonomy (a dictionary of accounting terms). 
• As all XBRL reports use the same taxonomy, information is comparable irrespective of how they are described by those releasing the financial statements.
• Due to same taxonomy, information in reports prepared using the XBRL standard is interchangeable between different information systems. This allows for the exchange of business information in entirely different organizations.
• XBRL has the capability to allow the tagging of transactions that can themselves be consolidated into XBRL reports.