XBRL reporting standard: implementation issues

Abstract

The advent of electronic reporting has necessitated the use of a universal reporting standard. One of the trends in reporting development is the use of the popular XBRL format in most countries of the world. The article is devoted to the disclosure of the implementation of the XBRL reporting standard in Ukraine. For this purpose, the emergence of XBRL is briefly described, as well as its potential distribution in different countries of the world is evaluated. Based on the research of scientific works, as well as taking into account practical experience, the advantages from the implementation of XBRL are summarized for such user groups as government agencies, investors and company management. Taking into consideration the expectations of reporting users, the conditions of the implementation of XBRL are critically evaluated.This allowed us to distinguish four groups of issues: organizational (insignificant number of properly trained specialists); regulatory (approval of mandatory certification of software and specialists); software and hardware (deficiencies in the financial reporting system); financial (significant costs for the implementation of the XBRL standard). Their presence is also confirmed by the fact that the presentation of financial statements on the basis of a taxonomy according to international standards in electronic form for the reporting 2020 was postponed to 2021. The main directions of ensuring the effectiveness of the implementation and use of the XBRL format are identified, in particular the improvement of legal regulation, the development of telecommunications and its infrastructure, the training of specialists in the field of XBRL and IFRS as well as the ensuring the openness and transparency of enterprises and government bodies.