Abstract

eXtensible Business Reporting Language (XBRL) represents a standard format for exchanging business information which is capable of narrowing the reporting gap between public companies, regulators, and interested members of society (i.e., banks, investors, etc.). Through the use of tags, XBRL provides a standard language for reporting both financial and nonfinancial information not previously seen in the reporting environment, across different software applications. As a result, interested stakeholders can gain access to public information much more quickly and transparently than ever before. The current paper reports the corporate and regulatory usage of XBRL, as well as its potential impacts on various stakeholders. The paper also discusses the potential significant cost savings resulting from XBRL usage. Evidence indicates that worldwide XBRL usage would result in significant efficiency and data access gains to capital market participants, as well as labor unions and regulators.

Publication Date

2005

Comments

Note: imported from RIT’s Digital Media Library running on DSpace to RIT Scholar Works in February 2014.

Document Type

Article

Department, Program, or Center

Accounting (SCB)

Campus

RIT – Main Campus

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