Title: XBRL – the tool for automated semantic readability of electronic financial statements

Authors: Ladislav Mejzlik, Jana Istvanfyova

Addresses: Faculty of Finance and Accounting, Department of Financial Accounting and Auditing, University of Economics Prague, Czech Republic. ' Faculty of Finance and Accounting, Department of Financial Accounting and Auditing, University of Economics Prague, Czech Republic

Abstract: The paper deals with general questions of business data communication, particularly focusing on the Extended Business Reporting Language (XBRL) open data format. The XBRL concept and taxonomy is analysed to a greater extent, as well as the two circumstances supporting the concept and preventing it from a larger international use. Moreover, the structure and activities of the nonprofit association XBRL International is described, together with a report on an XBRL implementation process carried out in the USA, the EU and the Czech Republic. Finally, a brief list of possible XBRL implementation impacts on financial reporting issues is discussed, and mainly online reporting and continuous auditing is surveyed.

Keywords: financial accounting; accounting information systems; AIS; extended business reporting language; XBRL; internet; International Financial Reporting Standards; IFRSs; electronic data interchange; EDI; business data; data communication; USA; United States; EU; European Union; Czech Republic; online reporting; continuous auditing.

DOI: 10.1504/IJTTC.2008.018802

International Journal of Technology Transfer and Commercialisation, 2008 Vol.7 No.1, pp.59 - 67

Available online: 18 Jun 2008 *

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