XBRL; A New Language for Financial Reporting
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 6, Issue 4
Abstract
eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It is an open standard, free of licence fees, being developed by a non-profit making international consortium. Other pages on this web site provide detailedinformation on XBRL, its technical features and its business opportunities.For accountants, since financial reports can be prepared more efficiently with XBRL, it is possible that more frequent and detailed financial reporting will be made. As a result, financial reports will be more transparent and informative. Better decisions can be made based on the in- formation contained in XBRL reports. For auditors, XBRL reduces the opportunities for management fraud and manipulation of accounting numbers. Financial statement preparers and users are not very technically inclined. The promotion of XBRL in the financial reporting community relies heavily on user-friendly and affordable XBRL applications. If these issues are resolved, we are sure to see that XBRL will be widely used in the near future.The objective of this chapter is to introduce a new accounting tool called XBRL that can help accountants, decision makers, analysts and regulators to prepare, exchange, extract and analyze financial reports. Then we explain brief history of XBRL Development and express XBRL as a new tool for electronic financial reporting. In section three, we discuss about Key success factors and XBrL Approaches and relationship between XBRL and the financial markets.The last section, are discussed about benefits of using XBRL for financial reports preparers and users are explored, XBRL and the future of reporting and concludesthe chapter.
Authors and Affiliations
Zeinab Rezaei| Department of Accounting, Shush Branch, Islamic Azad University,Shush, Iran, email:Yeganeh641@gmail.com
Keywords
Related Articles
- EP ID EP6148
- DOI -
- Views 297
- Downloads 8
Generation of clones with higher resistance to tetracycline and chloramphenicol from ciprofluoxacin resistant Escherichia coli mutants
Resistance to ciprofloxacin is mostly associated with mutations in gyrA or marR or a combination of both in Escherichia coli. Mutation in marR reduces the accumulation of ciprofloxacin due to activation of AcrAB-TolC, a...
Modeling Suspended Sediments in Dez Basin (Case Study: The Tale Zang Hydrometric Station)
The flow discharge is always regarded as the most important sediment transport factor, but practically different sediment values have been measured for a certain value of flow discharge, hence other factors are also effe...
The impact of teaching absent consonants on Iranian female intermediate EFL learners’ pronunciation
Teaching pronunciation to learners of English as a foreign language has always been a controversial issue. Some believe that it is useless to teach pronunciation in isolation and explicitly. Some others believe that the...
STUDY OF SOIL PHOSPHORUS AVAILABILITY AFFECTED BY DIFFERENT AMOUNTS OF PHOSPHORUS FERTILIZERS
The goal of this research was the investigation of relationship between added phosphorus to soil and the increase of dissolved and absorbable phosphorus and its effect on absorbable Fe and Fe concentration in soils under...
Presenting new structure for plasma failure by using bidirectional Positive Buck Boost Converter
Today, the use of Power Pulse is gradually growing. To cover a wide range of Power Pulse applications, applied design to improve the performance and flexibility, is presented in this paper for power supplies of Power Pul...