A Theoretical Framework for Examining the Corporate Adoption Decision Involving XBRL as a Continuous Disclosure Reporting Technology

Abstract

For some time regulators across the globe have been advocating a more modern financial reporting process that would provide additional information (i.e., mainly nonfinancial) in a timelier manner (the AICPA’s Jenkins Committee (1994), Financial Accounting Standards Board (). Recent regulation, such as Sarbanes-Oxley section 409 (henceforth, 409; 2002) in the United States and the Corporation Act in Australia, are requiring public firms to report material information more quickly than ever before.2 Since the information being reported to the regulators is also publicly available, firms need to consider the adoption and consequent use of a technology that is 1) capable of continuous disclosure (CD); 2) can work with existing Enterprise Resource Planning (ERP) systems to internally gather and then externally report required information quickly and reliably; and 3) comply with appropriate regulation.3,4

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