Financial reports: Why you need XBRL

Burnett, Royce D.; Friedman, Mark; Murthy, Uday S.

doi:10.1002/jcaf.20229

Cited by 24 publications

(10 citation statements)

References 5 publications

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“…A considerable number of studies have been conducted to address a wide range of issues with XBRL (see review by Perdana et al, 2015). Many of the early studies focus on the introduction of XBRL along with its benefits and address the potential effects of XBRL on stakeholders such as companies, regulators, and investors (e.g., Baldwin et al, 2006;Burnett et al, 2006;Cohen et al, 2005). Another stream of research addresses technical aspects of XBRL including taxonomy development (e.g., Bovee et al, 2002;Cohen, 2004;Zhu & Wu, 2011), XBRL adoption (e.g., Garbellotto, 2010;Janvrin & No, 2012;Pinsker & Li, 2008), and other technical issues on XBRL development (e.g., Amrhein et al, 2009;Boritz & No, 2005;Moreira & Silva 2013).…”

Section: Background and Hypotheses Developmentmentioning

confidence: 99%

XBRL Mandate and Timeliness of Financial Reporting: The Effect of Internal Control Problems

Hwang

Kim

2020

Journal of Accounting, Auditing & Finance

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Extensible Business Reporting Language (XBRL) is intended to make analysis easier and faster by enhancing the exchange of financial information. Such benefits from this global reporting standard would stem from more timely, accurate, and transparent financial reporting. This article investigates whether internal control weaknesses (ICWs) in firms have an impact on the timeliness of financial reporting in XBRL format. The results of our analyses show that the filing lags of firms with ICWs are longer than those of firms without ICWs for their first detail tagged XBRL disclosure. The results also reveal that firms with ICWs are more likely to use the grace period in their initial XBRL disclosures. The length of the grace period used by firms with ICWs is longer than that of firms without ICWs. Furthermore, our additional analyses reveal that the XBRL mandate has affected firms’ filing behaviors differently depending on firm characteristics such as firm size. Overall, our findings indicate that the impact of ICWs on the timeliness of financial reporting is greater under the mandated XBRL disclosure.

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Section: Background and Hypotheses Developmentmentioning

confidence: 99%

XBRL Mandate and Timeliness of Financial Reporting: The Effect of Internal Control Problems

Hwang

Kim

2020

Journal of Accounting, Auditing & Finance

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“…They are called 'integrated' because the data management and reporting are integrated into one common data repository in XBRL. Hence, data-migration errors and transaction costs are reduced (Burnett et al, 2006). In addition, managers have real-time access to the data repository and do not have to wait for the data to be proceeded and migrated.…”

Section: Framework In a Globalized Worldmentioning

confidence: 99%

Digitally unified reporting: how XBRL-based real-time transparency helps in combining integrated sustainability reporting and performance control

Seele

2016

Journal of Cleaner Production

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In this paper, I address the call for a "new approach to sustainability reporting" (Lubin and Esty, 2014) based on the present "sustainability gap" and propose the concept of "digitally unified reporting." This is achieved by reviewing two major trends from distinct bodies of literature: "integrated reporting" from the sustainability field and unified data based "XBRL-integrated reports" as established in financial reporting making use of the digital standard XBRL (eXtensible Business Reporting Language). Based on a systematic literature review, eight trend statements are derived pointing at gaps and issues in the field of sustainability reporting and management. Following this review, I propose a new concept called "digitally unified reporting" that addresses these issues. The core contribution is an XBRL-based approach to sustainability reporting that combines digital data management of sustainability performance measurement with digitally standardized sustainability reporting. To advance theory, "digitally unified reporting" is defined and discussed and positioned as a "twin track approach" to sustainability reporting (Burritt and Schaltegger, 2010) that provides both an inside-out and an outside-in perspective on sustainability reporting and management. The major advancement and theoretical contribution of the proposed concept is a time-ontological shift due to 24/7/365 digital transparency. This proposed shift is from retrospective reporting on past performance to digitally enabled and interoperable real-time transparency of performance measurement and reporting for managers and external stakeholders. Finally, the concept is compared to current conventional reporting approaches.

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“…Applications may use XBRL to automate and integrate changing financial information from multiple sources (Marshall et al 2010;Burnett et al 2006;Bovee et al 2005;Bonson 2001). XBRL will provide the ability to access data electronically and continuously will improve the timeliness of the financial information (Bovee et al 2002;Bonson 2001).…”

Section: Users Of Financial Reportsmentioning

confidence: 99%

The Impact of XBRL: A Delphi Investigation

Baldwin¹,

Trinkle.²

2011

IJDAR

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Abstract. This project attempts to add to the extant research by presenting the results of a future forecasting Delphi study that addresses the impacts of XBRL in the second decade of the new millennium. The future impacts of XBRL [eXtensible Business Reporting Language] on financial reporting were studied using the Delphi technique. The Delphi panel suggests that XBRL is very likely to impact corporations, financial reporting, users of financial reports and auditing. The most likely impacts of XBRL include: increased accessibility of financial reports, easier regulatory compliance, enhanced availability of financial reports, facilitation of continuous reporting, and improved efficiency in investment and business decision making.

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Financial reports: Why you need XBRL

Cited by 24 publications

References 5 publications

XBRL Mandate and Timeliness of Financial Reporting: The Effect of Internal Control Problems

XBRL Mandate and Timeliness of Financial Reporting: The Effect of Internal Control Problems

Digitally unified reporting: how XBRL-based real-time transparency helps in combining integrated sustainability reporting and performance control

The Impact of XBRL: A Delphi Investigation

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