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Let's not talk about Technical terms for now.
Let's talk about some Interesting terms.
"Kolaveri Di", The world famous song, all are aware of...
So Simple, So Easy, So Interesting...

It has broken:

• Barrier of Languages;
• Boundaries of Nations and
• Limits of Music...

It's anatomy represents acceptance in Local, National and International market...

Now let's be technical and back to our term "XBRL"...

Purpose of XBRL is same as of "Kolaveri Di".
It is meant to make Financial Reports acceptable Locally, Nationally and Internationally, if required...


XBRL can be interpreted as:

• Predefined Coding (Recording, in case of the song);
• to incorporate Laws / Taxonomies (Local language in the song);
• in acceptable form of Financial Reports (Music in case of song);
• which is easy for stakeholders to interpret (Simplicity of song).

Definition:
London Interbank Offered Rate (LIBOR, pronounced as “lie-bore”) is the rate at which European banks can borrow funds, in marketable size, from other banks in the London interbank market.

Usage:
It is the rate at which the world's "Most Preferred Borrowers" are able to borrow money.
It is also the rate on which rates for "Less Preferred Borrowers" are based.
e.g. a corporation with a very good credit rating may borrow money for one year at LIBOR plus four points.

It is also used as benchmark rate for financial instruments.
e.g. forward rate agreements, short term interest rate futures contract, interest rate or inflation swaps, currencies, variable rate mortgages and floating rate notes.

It is also used in most of the Financial Statements world-wide for quoting interest rate being charged on Related Party advances and borrowings.

Measure:
It's quoted in basis points, which, if divided by 100, becomes rate percentage.
e.g. 233 basis points over 1-year LIBOR means if LIBOR on 1-year loans is currently at 4.2% then the quoted loan rate for the customer will be 4.2% plus 2.33% i.e. 6.53%.

Calculation:
It is derived from:

• a filtered average
• of the world's most creditworthy banks' interbank deposit rates
• for larger loans with maturities between overnight and one full year.

It is fixed on a daily basis by the British Bankers' Association every morning at 11:00am London time.

Countries:
Canada, United States, Switzerland and United Kingdom rely on the LIBOR for a reference rate.

1. Inherent Risk
   It is the probability that aspects examined are materially misstated before impact of control systems or testing.
   
   

   It is the susceptibility of an accounting system or account balance or class of transactions to misstatement that could be material, either individually or when considered with other misstatements in other balances or classes, assuming there were no internal controls.
2. Control RiskIt is the probability that the existing control systems are not enough to contain material misstatements and such misstatements have a high chance of slipping through.

   
   It is the risk that a misstatement that has occurred in an account balance or class of transactions and was material either individually or when aggregated with other misstatements in other balances or classes was not prevented or detected and corrected on a timely basis by the existing accounting or internal control systems.
3. Detection Risk
   It is the probability that certain material misstatements would be able to slip through substantive testing.
   
   It is the risk that an auditor’s extensive and substantive procedures would not be able to detect a misstatement that exists in an account balance or class of transactions that could be material individually or when aggregated with misstatements in other balances or classes.

Happy CA Day to all the Members and Students of the fraternity, "The ICAI". Wish you all a great career and prosperous future.