Proponents of XBRL cite many benefits. Others say that XBRL is not a panacea. XBRL offers many benefits to help drive financial reporting efficiency and accuracy. There are a few drawbacks
XBRL increases information security needs. It is important to do proper taxonomy element selection. Overuse of taxonomy extensions can be a problem. Accuracy is essential as data is available to a wider audience. We need to concentrate on internal controls to prevent abuse and minimize errors. Finally real-time disclosure may emphasize short-term results at the expense of long-term objectives.