Exploring the Egyptian accountants' awareness and understanding of XBRL

Abstract

Online reporting is now widespread with 82% of the top 100 listed companies in Egypt providing a variety of financial data online. However, much of this information reflects the paper-based versions of annual reports with little attempt to enhance the usefulness of this data for decision makers. This online reporting provides the first generation (FG) of online reporting languages such as PDF, HTML, EXCEL and WORD formats. XBRL has been developed to provide a second generation (SG) of online reporting to enhance the data handling and usability of corporate reporting. The findings of a questionnaire survey in Egypt report that academics' and bankers' awareness of XBRL and SG reporting is very little compared to FG reporting formats. Additionally, the vast majority of respondents are aware of both the benefits and problems of adopting XBRL. This study has some recommendations for Egyptian regulators, standards' setters, accounting academics and professional accountants.

Understanding inhibitors to XBRL adoption: an empirical investigation

“…The overall results highlighted that XBRL awareness was higher among Indian chartered accountants, whereas working knowledge was moderate among the respondents. However, the level of XBRL awareness among Indian chartered accountants is relatively better than the results of the research done by Nel and Steenkamp (2008), Avallone et al (2016) and Helfaya and Amin (2020).…”

“…After surveying 233 chartered accountants from India, we observed that the awareness of XBRL is quite impressive in the Indian context, approximately 90%, which indicates that it is far better if we compare it with other similar studies conducted in other countries of the world (Eni, 2015;Avallone et al, 2016Lalevi c Filipovi c et al, 2018Helfaya and Amin, 2020). However, it was also found that the respondents who had a working knowledge of XBRL (48%) seemed to associate a considerable level with issues related to the adoption of XBRL because the average score for items related to issues was higher than four (considerable on a scale of 1 to 7).…”

“…As a result, numerous authors undertook the study of XBRL awareness and understanding among corporate accountants, auditors, preparers and regulators (Ansary et al , 2020). The prior literature showed that several studies have investigated the awareness and understanding of XBRL among professional accountants and reported low to moderate levels of awareness (Nel and Steenkamp, 2008; Eni, 2015; Lalević Filipović et al , 2018; Helfaya and Amin, 2020). In such a scenario, it is essential to assess the level of awareness among Indian professional accountants, as it has remained unanswered since 2005.…”

“…Rogers (2003) argues that adopters subjectively perceive the idea of innovation at first and then the accomplishment of the diffusion involves different stakeholders. In this regard, XBRL-related literature indicates that various authors in the past years analyzed the perception of professional bodies such as accountants, auditors, bankers and academicians regarding the adoption and implementation of XBRL (Nel and Steenkamp, 2008; Dunne et al , 2013; Avallone et al , 2016; Helfaya and Amin, 2020).…”

“…XBRL is designed to facilitate continuous auditing, save the time and cost of retrieving financial information, embellish financial reporting efficiency and ameliorate the accessibility of financial information (Pinsker, 2003; Troshani and Doolin, 2007; Pinsker and Li, 2008). Considering the emerging benefits of XBRL, several studies around the world have highlighted XBRL implementation in various parts of the world throughout the years (Pinsker, 2003; Nel and Steenkamp, 2008; Dunne et al , 2013; Eni, 2015; Avallone et al , 2016; Helfaya and Amin, 2020).…”