The Adoption of XBRL Reporting: Implications for Industry and Education (original) (raw)

A Review Of The Study On The Impacts Of The Extensible Business Reporting Language (XBRL)

International Journal of Scientific & Technology Research, 2019

eXtensible business reporting language (XBRL) is an electronic tool with the acceptable global standard for the electronic financial data to communicate and to be compiled, analyzed and shared among the stakeholders. The implementation of XBRL brings some benefits and impacts to all of the users of financial reports. This study aims to identify the research trends on the impact of XBRL and issues related to it. Forty-six articles related to the impact of XBRL was extracted from the Scopus database and Google Scholar. The result from the study found that a study regarding the XBRL impact has shown slightly increase until 2014 but has not grown much since then. There are a few perspectives that have been discovered to investigates on how XBRL affected certain users of the financial reports. This study will give a general picture of the current research on the impact of XBRL, the trend, and future direction of the research related to the XBRL.

Extensible Business Reporting Language (XBRL): A Tool for Accounting Education in the 21st Century

2016

21st century education standards focus on 21st century skills, content knowledge and expertise. Technology advances such as eXtensible Business Reporting Language (XBRL) have revolutionized the way information is exchanged and the way business is conducted. These days, speed is of the essence and loss of accuracy, lack of transparency, and difficulty in analysis are increasingly becoming apparent risks. This research exposes XBRL as a phenomenon that represents the future of global accounting education. It discusses the concept and need for XBRL as well as its potential uses and challenges. The research found that there is an ongoing transformation in the way business is conducted and regulated world-wide. The onslaught of the information revolution has profound ramifications for corporate reporting information preparers and users. It therefore recommends that the greater the degree of collaboration between all participants in the financial information supply chain, including govern...

Extensible Business Reporting Language and Its Impact on Financial Reporting and Auditing

Pacific Business Review International, 2021

Rapid Advancement in Technology made the accounting and auditing environment more digitalized through initiating XBRL (Extensible Business Reporting Language). XBRL is the innovative mode of preparing, presenting and communicating the business and financial information so as to cater the need of various stakeholders. Present study is in empirical nature with the objective of analysing the perceived impact of adoption of XBRL on financial reporting, auditing and also on quality of financial information communicated. For this purpose data was collected from both primary and secondary sources and collected data is analysed with the help of descriptive statistics, ttest and Levene's Independent Samples test and concluded that there is a perceived impact of XBRL adoption on Financial Reporting, Auditing and Quality of Financial Information.

ROLE OF XBRL IN CORPORATE REPORTING: AN INDIAN PERSPECTIVE

INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT, 2014

Business decisions can be made rapidly in an error free environment with the application of information technology. The XML computer language has been extended further for its application programme in extensible business reporting language (XBRL). Extensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data revolutionizing business reporting around the world. XBRL has become the standard way of recording, storing and transmitting business and financial information from the computer information providers to the information users. XBRL was developed by XBRL International in 1998, an international non-profit consortium of approximately 450 major companies, organisations and government agencies. XBRL India is known as the Indian Jurisdiction of XBRL International. Its main objective is to promote and encourage the adoption of XBRL in India as the standard for electronic business reporting. The business value possible from XBRL can be realized by the transparency, uniformity, accuracy, timely and reliability provided to its users. As it has been framed in accordance to the GAAP and IFRS standards, its adoptability is gaining momentum for all the countries that are looking forward towards a smooth functioning in the global scenario. In the light of this, the present paper provides a conceptual framework of XBRL as a business reporting language, along with its worldwide usage. The paper further discusses components and uses of XBRL in corporate reporting. It also focuses on the status of applicability of XBRL as a business reporting language for Indian business entities.

The Awareness of the Extensible Business Reporting Language (XBRL) In Malaysia

The current study had explored the Extensible Business Reporting Language (XBRL) among various stakeholders from a financial reporting perspective. In addition, the impact of the benefits on users, organization and preparers might vary according to the culture, country or financial regulations. Thus, this research will focus on Malaysia since Malaysia is multi-cultural and the adoption of XBRL can be considered as a new development. Pertaining to this research, it is important to understand the concept of a new reporting technology and the way XBRL will provide interactive data. The awareness and intention to adopt the XBRL will resume effectively once users, preparers and regulators are able to understand the whole concept of XBRL. This research is considered significant in order to explore the readiness and awareness of new reporting technology in Asia, particularly in Malaysia. This study found only a few respondents was fully aware of XBRL, while the majority of respondents were unaware about XBRL. Besides awareness, the study found that there are approximately 67.2% of respondents who are likely to investigate the XBRL technology, which indicates that there is a possibility that XBRL will be more significant and eventually accepted by stakeholders. This study found that approximately 3.1% understood fully what XBRL is and 18% understood the basic concepts.

The Role of XBRL in Enhanced Business Reporting (EBR)

Journal of Emerging Technologies in Accounting, 2008

ABSTRACT: This paper analyzes how XBRL (eXtensible Business Reporting Language) can contribute to EBR (Enhanced Business Reporting) to improve financial reports' transparency. We examine XBRL's technological and organizational advantages that can facilitate the implementation of the EBR model. XBRL, and the consortium associated with it, can help EBR provide greater interaction with users, help companies identify relevant reporting data, and harness technological advances to overcome the weaknesses inherent in traditional business reporting models. EBR and XBRL efforts combined can work effectively to improve the current business reporting model.

Towards the Global Adoption of XBRL using International Financial Reporting Standards (IFRS)

XBRL is a language based on XML for the electronic communication of business information. It is designed to improve the exchange, aggregation and analysis of corporate data requiring disclosure, through a unique tagging structure that provides interoperability. But, the proliferation of a multitude of XBRL taxonomies, based on different accounting principles, can risk the objectives of standardization, comparability and re-usability of the information that is sought with XBRL. It is therefore essential to develop global accounting standards as a unique foundation on which the XBRL taxonomies can be established, so that it becomes possible to compare the financial information originating from various countries. Along these lines, the International Financial Reporting Standards (IFRS-GP) taxonomy was created to establish a common ground for international firms and create a platform that would enhance the benefits of XBRL. This paper examines whether the IFRS-GP taxonomy, at its curren...