Abstract
Subject. The article explores the impact of digitalization on the way public reporting of business entities develops. Objectives. The study reveals the substance of today's trends in the development of public reporting as ICT evolve. I also try raising the public awareness about the XBRL format to submit financial statements and integrated reporting. Methods. The study relies upon general methods of research, such as the analysis, synthesis, comparison, generalization, abstraction. Results. The article classifies development trends in public reporting classifying them by scale, inquiry of users, technological means. I determine why such trends arose in terms of technological means. XBRL is found to be a promising format for business data transfer, with difficulties in adopting it being studied by the Russian scholars, who specialize not only in accounting and financial reporting, but also in ICT. I unfold opportunities XBRL gives for sharing and distributing IFRS financial statements electronically. I also evaluate the potential of XBRL for circulating integrated reporting packages among users, though its adoption is impeded due to the non-existent taxonomy of integrated reporting. Conclusions and Relevance. ICT, modern communication means constructively promote public reporting. XBRL is widely spread internationally to release financial statements electronically, since the IFRS Foundation has outlined the IFRS taxonomy, which is constantly updated and adjusted for IFRS amendments. XBRL presentation of integrated reporting is indispensable without the uniform taxonomy of integrated financial reporting.
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