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Abstract
The past decade has witnessed a technological revolution fueled by the widespread use of the Internet, web technologies, and their applications. Within financial reporting, proponents of extensible Business Reporting Language (XBRL) argue that XBRL will revolutionize financial reporting since it allows corporate financial information to be aggregated, transmitted, and analyzed quicker and more accurately (Hoffman and Strand 2001; Hannon 2002; Bovee et al. 2005; Willis 2005; Cox 2006). The SEC recently mandated that publicly traded companies furnish financial information in XBRL format (Rummel 2008; SEC 2009a). Thus, the purpose of this project is to provide researchers with a framework for examining the process financial statement preparers use to create XBRL instance documents. Further, the paper (1) demonstrates how the framework may be used, (2) raises unanswered questions, and (3) suggests avenues for future research.
Highlights
P reparers are faced with an ever increasing level of complexity in their financial reporting requirements
Since instance document creation is a necessary prerequisite in the generation of XBRL-formatted financial statements, we develop a research framework examining the process of creating instance documents
The Securities and Exchange Commission (SEC) recently mandated that publicly traded companies furnish XBRL instance documents (SEC 2008c, 2009a)
Summary
P reparers are faced with an ever increasing level of complexity in their financial reporting requirements. Our concerns stem from financial reporting stakeholders‟ overall lack of awareness and knowledge about XBRL, and a lack of software tools for preparing and analyzing XBRL-formatted documents that are intuitive and easy to use.” (KPMG, August 1, 2008). Each individual item in the financial statement is assigned an unique, computer-readable identifying tag These XBRL tags enable financial information to be treated “intelligently” since computers can recognize individual item information in the XBRL tag and can select items, such as net income, from a query search. This information can be stored, analyzed, or even exchanged with other computers
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