We as accountants need to understand how to interpret the taxonomy, which does not necessarily include understanding the XSD language and its semantics. As an accountant we should be able to appropriately link each element of the financial statements to the relevant element in the taxonomy. In case suitable taxonomy elements are not available company specific extensions have to be created within the taxonomy customized for the company. Generally softwares are available for facilitating the linking of financial statement items to the relevant elements in the taxonomy, which alleviates the need of hard coding by accountants. After tagging the financial statement items, the file is validated against a set of predefined XBRL validation rules and a XSD document is generated with a help of tagging software.
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