THE EMERGING WAY OF FINANCIAL REPORTING: A STUDY ON XBRL

Mrs. Harshitha Mallik

Abstract


The new information technologies use for improving error prone, manually intensive, and inefficient environments for financial reporting. The internet use, forms of digital reporting, most of the people having knowledge of PDF and HTML documents, very few practitioners know anything about XBRL. The purpose of this study was to explore the role and benefits of XBRL (eXtensible Business Reporting Language), a technological innovation that transform records in financial statements into interactive and actionable information through internet technology for corporate managers and financial professionals and find out the levels of awareness of XBRL in Mysore district in auditors.  Using questionnaire study on 21 auditors as representative of financial reporting preparers of various organisation in Mysore district, this study examines the perception of financial reporting preparers on a financial reporting mechanism via XBRL. The findings in this study shed lights to regulators on the needs to provide more awareness and knowledge to preparers before XBRL could come into full adoption.

 


Keywords


HTML, XBRL, Financial Reporting, XML

Full Text:

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References


Beattie, E. (2010), “Accountants ‘disadvantaged’ by XBRL deadline” Accountancy, available at: www.accountancymagazine.com

Chartered Institute of Managemet Accountants (2010), “High standards: the rise and rise of XBRL”, Insight, December, available at: www.cimaglobal.com

Dunne, T., Helliar, C., Lymer, A. and Mousa, R. (2009),”XBRL: the views of stakeholders”, The Association of Chartered Certified Accounts, available at: www.accaglobal.co,/general

Hannon, N. (2005), “XBRL Fundamental & Strategic Finance”.

Hoffman, C., Kurt, C., & Koreto, R.J.(1990), The XML files. Journal of Accountancy 187(5).


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