XBRL; A New Language for Financial Reporting
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 6, Issue 4
Abstract
eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It is an open standard, free of licence fees, being developed by a non-profit making international consortium. Other pages on this web site provide detailedinformation on XBRL, its technical features and its business opportunities.For accountants, since financial reports can be prepared more efficiently with XBRL, it is possible that more frequent and detailed financial reporting will be made. As a result, financial reports will be more transparent and informative. Better decisions can be made based on the in- formation contained in XBRL reports. For auditors, XBRL reduces the opportunities for management fraud and manipulation of accounting numbers. Financial statement preparers and users are not very technically inclined. The promotion of XBRL in the financial reporting community relies heavily on user-friendly and affordable XBRL applications. If these issues are resolved, we are sure to see that XBRL will be widely used in the near future.The objective of this chapter is to introduce a new accounting tool called XBRL that can help accountants, decision makers, analysts and regulators to prepare, exchange, extract and analyze financial reports. Then we explain brief history of XBRL Development and express XBRL as a new tool for electronic financial reporting. In section three, we discuss about Key success factors and XBrL Approaches and relationship between XBRL and the financial markets.The last section, are discussed about benefits of using XBRL for financial reports preparers and users are explored, XBRL and the future of reporting and concludesthe chapter.
Authors and Affiliations
Zeinab Rezaei| Department of Accounting, Shush Branch, Islamic Azad University,Shush, Iran, email:Yeganeh641@gmail.com
Keywords
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