The Role of XBRL in Europe

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40 citations0/0 files storedThe International Journal of Digital Accounting Research

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Financial Reporting and XBRL Accounting Theory and Financial Reporting E-Government and Public Services

Abstract

Digital financial statements have been designed under two main hypotheses: The first one considers that human beings are their target audience and the second one assumes that users belong to a specific accounting jurisdiction or capital market.Obviously, these hypotheses are no longer accepted.The former because it is necessary to make machines understand the accounting language to facilitate the automatic exchange of information between softbots and/ or software applications.The latter because in order to facilitate securities markets globalization it is necessary to adopt a unique set of international accounting standards.These two needs have to be satisfied.The response to the first one is XBRL, the Extensible Business Reporting Language.The European solution to the second one, is going to be the adoption of the IASB's International Accounting Standards.In this paper, the role of XBRL in the European solution is analyzed.The main conclusions are that the adoption of IAS and the use of XBRL will facilitate the communication of information in a homogeneous way, that they will allow the interchange of data between software applications and also the automatic analysis of financial information.In summary, they are going to play a key role for the development of the global European Stock Market.

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References

1999Financial reporting on the Internet by leading UK companies 1999Financial information on the Internet: a survey of the homepages of Austrian companies 2001The production and use of semantically rich accounting reports on the Internet: XML and XBRL 1999External reporting of accounting and financial information via the Internet in Spain 2000Corporate Reporting on the Internet by Irish Companies 1999The impact of technology of financial and business reporting

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2011Understanding the Intention to Adopt XBRL: An Environmental Perspective 2010Analysis of XBRL Literature: A Decade of Progress and Puzzle 2013XBRL 2011Adopting XBRL in Italy: Early evidence of fit between Italian GAAP Taxonomy and current reporting practices of non-listed companies 2013XBRL: Impacts, Issues and Future Research Directions 2015The Progress of XBRL in Europe – Projects, Users and Prospects 2009XBRL:The Views of Stakeholders 2005

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