XBRL: Opportunities and Challenges in Enhancing Financial Reporting and Assurance Processes

Author:

Gunn James1

Affiliation:

1. James Gunn is a Deputy Director for the International Auditing and Assurance Standards Board (IAASB), International Federation of Accountants (IFAC)

Abstract

This paper describes some of the benefits and opportunities in relation to the use of XBRL, as it exists today, from a domestic (U.S.) and international perspective, as well as some possible challenges to its widespread adoption and acceptance. Additionally, this paper discusses what specifically XBRL means for accountants in business (e.g., business management), public practice, or academia, those involved in the development of assurance services, and users of financial information.

Publisher

American Accounting Association

Subject

Accounting

Reference13 articles.

1. American Institute of Certified Public Accountants ( AICPA). 2003. Attest Engagements: Attest Engagements Interpretations of Section 101, Interpretation No 5. Attest Engagements on Financial Information Included in XBRL Instance Documents. AT Section 9101. New York, NY:AICPA.

2. Cox C., 2005. Remarks at the 12th XBRL International Conference. Washington, D.C.:U. S. Securities and Exchange Commission. Available at:http://www.sec.gov/news/speech/spch110705cc.htm.

3. 2006. The Interactive Data Revolution: Improved Disclosure for Investors, Less Expensive Reporting for Companies. Washington, D.C.:U. S. Securities and Exchange Commission. Available at:http://www.sec.gov/news/speech/2006/spch053006cc.htm.

4. Does search-facilitating technology improve the transparency of financial reporting?;Hodge;The Accounting Review,2004

5. International Federation of Accountants ( IFAC). 2002. Rebuilding Public Confidence in Financial Reporting: An International Perspective. New York, NY:IFAC, Available at:http://www.ifac.org/MediaCenter/?q=node/view/344.

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