Quality and Accuracy - Because financial data is tagged and saved just once, quality and integrity of the data is increased greatly. Margin for error is minimal across financial statements because once tagged, information that is transferred does not change. There is no need to enter financial information more than once, greatly reducing risk of data entry error.
Accessibility - XBRL provides a framework that may be used by all companies, but which is flexible enough to be customized for industry needs as well as an organization's internal needs. Information can be used and received in a format preferred by the user.
Productivity - Because the information is tagged once and only once, documents can be prepared more time and cost efficiently, financial information retrieved and shared more quickly and easily, and published online or sent to a financial printer, or uploaded faster.
Overall Consistency - Because information is available either directly from the company or from the SEC's XBRL based Interactive Financial Report Viewer (IFRV) at no charge, cost of said information is reduced. Fee based databases will still be valuable to investors since they aggregate this information across thousands of companies and provide users with the ability to simultaneously download information on thousands of companies rather than just one at a time. Fee-based databases will also benefit from XBRL because their data will be more accurate, being aggregated electronically rather than manually which creates room for error. By significantly reducing or eliminating manual data entry, XBRL should reduce the cost structures at database companies, which could lead to more competitive pricing. In the end, better data adds more integrity to our financial system. This is especially true given that there are more and more quantitative analysts screening enormous amounts of data across thousands of companies and often times their computer programs focus on data outliers. In practice, a lot of the outliers in large data screens are due to data inaccuracy. XBRL helps to reduce or eliminate this data inconsistency.