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Towards the global adoption of XBRL using International Financial Reporting Standards (IFRS)

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  • Bonsón, E.
  • Cortijo, V.
  • Escobar, T.

Abstract

XBRL is a language based on XML for the electronic communication of business information. It is designed to improve the exchange, aggregation and analysis of corporate data requiring disclosure, through a unique tagging structure that provides interoperability. But, the proliferation of a multitude of XBRL taxonomies, based on different accounting principles, can risk the objectives of standardization, comparability and re-usability of the information that is sought with XBRL. It is therefore essential to develop global accounting standards as a unique foundation on which the XBRL taxonomies can be established, so that it becomes possible to compare the financial information originating from various countries. Along these lines, the International Financial Reporting Standards (IFRS-GP) taxonomy was created to establish a common ground for international firms and create a platform that would enhance the benefits of XBRL. This paper examines whether the IFRS-GP taxonomy, at its current state, adequately covers European companies' dissemination practices and strengthens the benefits of XBRL. Our results provide implications for the evaluation of the effectiveness of the IFRS-GP taxonomy and shed light on directions that may lead to the improvement of this taxonomy.

Suggested Citation

  • Bonsón, E. & Cortijo, V. & Escobar, T., 2009. "Towards the global adoption of XBRL using International Financial Reporting Standards (IFRS)," International Journal of Accounting Information Systems, Elsevier, vol. 10(1), pages 46-60.
    • Handle: RePEc:eee:ijoais:v:10:y:2009:i:1:p:46-60
    DOI: 10.1016/j.accinf.2008.10.002
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    4. Valentinetti, Diego & Flores Muñoz, Francisco, 2021. "Internet of things: Emerging impacts on digital reporting," Journal of Business Research, Elsevier, vol. 131(C), pages 549-562.
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    13. Alkhatib, Esra'a & Ojala, Hannu & Collis, Jill, 2019. "Determinants of the voluntary adoption of digital reporting by small private companies to Companies House: Evidence from the UK," International Journal of Accounting Information Systems, Elsevier, vol. 34(C), pages 1-1.
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    16. Carsten Felden, 2011. "Characteristics of XBRL adoption in Germany," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 22(2), pages 161-186, December.
    17. Zhenyang Bai & Manabu Sakaue & Fumiko Takeda, 2014. "The Impact of XBRL Adoption on the Information Environment: Evidence from Japan," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 4, pages 49-74, December.
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