Literature Review Of Xbrl

5528 words - 23 pages

Literature Review of XBRL |
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Literature Review of XBRL
XBRL (eXtensible Business Reporting Language) is a standard XML reporting language to enhance the efficiency, reliability and accuracy of financial reporting. Since its foundation in 1998, XBRL has been developing rapidly in the world. This paper teases out and discusses the literature researches of XBRL from 6 aspects: the production bases of XBRL, the effect of XBRL, the classification criteria formulation of XBRL, the auditing assurance of financial reports based on XBRL, the implementation of XBRL in different countries and some ...view middle of the document...

The use of XBRL also eliminates the need for redundant data, facilitates the comparison, the transfer and the transmission thus improving the process of reporting and collection of financial information. The users of financial information including investors, analysts, auditors, financial institutions and regulators, can receive, browse, compare and analysis data quickly and efficiently whether it is in XBRL format. It is only 15 years from XRRL’s appearance in 1998, but a lot of developed countries have developed a mandatory filing program in XBRL format, including Korea, Singapore, the U.S. and so on. And many other countries are also actively promoting and researching XBRL.
All of above shows that the importance of XBRL has got more widespread attention. During this period, the researches mainly focus on four aspects: the production bases of XBRL, the effect of XBRL, the classification criteria formulation of XBRL and the auditing assurance of financial reports based on XBRL. This paper will tease out and discusses the literature researches of XBRL from these four aspects as well as other two aspects: the implementation of XBRL in different countries and some researches about XBRL in China.

2. Literature Review
2.1. Research about the production basic of XBRL
Sorter (1969) proposed the idea of "The Events Approach" on accounting, but because of the limitations of information technology, it is very difficult to achieve, so the idea was just stopping at the prospect level. Eliott (1992, 1994) and Wallman (1995, 1996, 1997) first studied the impact of new technologies on the company's financial reporting such as network and so on. Eliott believes that information technology has profoundly changed the business model, so the company's financial reports must also be changes. However, Wallman believes that companies should use information technology to increase the frequency of corporate information disclosure for making more details public. He pointed out that in 1997 the financial reporting model is a "black-white mode" that ignores a lot of useful information, and he thinks financial reports should focus on investor decision-making. The research of Eliott and Wallman makes the idea Accounting's "Matters Act" proposed by Sorter (1969) backing to life. Under the guidance of this idea from Sorter, Goetz (1939) proposed the "accounting data" suggested that all economic activities of corporate should be stored in basic unit of information has got attention of industry, and enterprise should open all non-processed data to information users so that information users could access information what they want. Limited to the prevailing level of information technology, this idea has not been applied in practice at the time. With the development of "Matters Act" thought and database technology, McCarthy (1979,1982,1997) proposed and the established "REA accounting report mode" that based on "ER" (Entity-Relation, entity - the entity) model, in order to...

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