This paper evaluates the implications of the proposed Securities and Exchange Commission (SEC) Rule (33-8496) which encourages companies to file reports in the eXtensible Business Reporting Language (XBRL) format. We examine the impact of the proposed rule in three domains: (1) the role of XBRL in financial reporting, (2) concerns with XBRL taxonomies, and (3) the impact of XBRL on the SEC's filing program. The paper adopts a descriptive approach to generate normative and prescriptive propositions with implications for research that will guide preparers, users, and regulators of XBRL-tagged information.

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The accounting profession must attract and retain individuals with the interest, attitudes, and competencies demanded by the marketplace. This paper examines the influence of tolerance for ambiguity, computer anxiety, and gender on interest in acquiring IT competency among 123 accounting and AIS majors. In comparison to individuals majoring in accounting, the AIS majors were more tolerant of ambiguity (p = .025) and had slightly more positive attitudes toward computers. However, neither computer anxiety (p = .112) nor gender (p = .915) explained major selection. The results suggest the accountants with strong interests in IT are more comfortable with ill-defined, ambiguous problem-solving situations. The study implies that tolerance for ambiguity, a characteristic increasingly valued by the profession, should be considered in the classroom and in hiring decisions.

Abstract. XBRL (eXtensible Business Reporting language) was recently, in 2008, in its 10th year. The concept was articulated in 1998 by Charles Hoffman, known as XFRML (eXtensible Financial Reporting Mark Up Language) to facilitate the business reporting process and improve financial reporting. The objective of this paper is to examine a decade (1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008) of XBRL articles published in various publications including trade, practitioner and academic journals to identify trends and patterns, milestones, and organizations actively contributed to this development. Another goal is to assess public perceptions of XBRL, its capabilities and its future. We examined published articles where XBRL appeared either in the title or abstract of the article during 1998-2008. Considering that XBRL reporting is being required only in recent years, the research shows various interest groups worked together for a long time to achieve a common goal. The academic community has also been proactive in contributing to and assessing this new reporting standard. There is a trail of research articles to document this contribution. This paper provides various charts and interesting statistics.

This paper proposes a continuous auditing model that provides external auditors the opportunity to audit clients continuously or on a more frequent basis while reducing the possibility of compromising auditor independence. The model requires the auditor's system to be separated from the auditee's system so that the two systems do not interfere with each other. The auditor's system must also communicate smoothly and effectively with the auditee's system to continuously process data captured from that system. We show how the new technology using XML (eXtensible Markup Language) and CORBA (Common Object Request Broker Architecture) can help effectively connect the auditor's system to the auditee's system, thereby supporting smooth communication between the two independent systems. We also introduce the concept of continuous auditing cycle, which helps define the engagement period between client and auditor and makes the audit within each cycle continuous. SUMMARYThe continuous auditing models proposed in the literature often are developed for internal audit and propose embedded auditing modules for the client's system. This lack of clarity in the literature with regard to the development of continuous auditing approaches for an independent audit of financial statements has perhaps dampened interest in continuous auditing. As a result, the potential application of a continuous audit in the context of an independent audit of financial statements has yet to be explored. The purpose of this paper is to propose a continuous auditing model that provides external auditors the opportunity to audit clients continuously or on a more frequent basis. The model requires the auditor's tool (system) to be independent from the auditee's system so that the two systems do not interfere with each other. Limiting interaction between the auditor's tool and client's system reduces the possibility of compromising auditor independence. The Sarbanes-Oxley Act of 2002 prohibits external auditors from providing information systems tools to audit clients. The auditor's tool must also communicate smoothly and effectively with the auditee's system to continuously process data captured from that system. This means the auditor's tool should work regardless of the proprietary nature of the client's system and the various data formats -this cuts down on the cost of customizing auditor's tool for each client. Our continuous auditing model addresses the above issues. It shows how the new technology using XML (eXtensible Markup Language) and CORBA (Common Object Request Broker Architecture) can help effectively connect the auditor's tool (system) to the auditee's system as frequently as legally desirable, thereby supporting smooth communication between the two independent systems. In the context of independent financial statement audits, the model also allows specifying the frequency of auditing (e.g., daily, weekly, or monthly, and so on). A continuous auditing cycle is introduced to mark the beginning and end of the auditing period per engagement or ...