This paper discusses how eXtensible Business Reporting Language (XBRL) will impact the world of financial reporting. Because of the benefits of more timely and accurate information XBRL is an important aspect of future financial reporting and has proven itself to be a stable, efficient computer language. There is a paucity of research in this area and surveys have made it clear that corporations know very little about XBRL but all would welcome the benefits it provides. The FASB, the IASB, and the PCAOB all need to provide the knowledge and direction as to where financial statement reporting should proceed. XBRL’s promise of greater transparency and immediacy, along with its efficiency and ubiquity, could make it one of the leading tools in financial reporting.
|Keywords:||XBRL, Financial Statement Reporting, Extensible Business Reporting Language|
University of Wisconsin/Eau Claire, WI, USA
Professor of Accounting, College of Business, Department of Accounting, San Francisco State University, San Francisco, CA, USA
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