Final answer:
Each financial data item is tagged to specific elements in the XBRL taxonomy to ensure clarity and consistency in financial reporting.
Step-by-step explanation:
In the context of financial reporting and data management, XBRL taxonomy refers to a classification system for financial information. Each financial data item is tagged to specific elements within the XBRL taxonomy, which aids in the accurate representation and analysis of financial statements electronically.
Tags are crucial as they ensure consistency and clarity in financial reporting, making it easier for analysts, investors, and regulatory bodies to review and compare financial data effectively. In the CXone Expert framework, for example, tags serve as markers for the dynamic organization of content and are used to link pages with common themes together.