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World Development of XBRL

In: Digitalization in Finance and Accounting

Author

Listed:
  • Oto Křivanec

    (University of Economics, Prague)

Abstract

XBRL is a language for reporting financial data; it is free and is freely available. Currently, XBRL is used by regulators, governments, companies, data providers, analysts, and accountants. The latest version of XBRL is version 2.1. XBRL is built on the principle of unambiguous definition, trusted business rules, multi-language, and software support. For the development period of XBRL, it is possible to mark the period from 1998 to 2008. In 1998, AICPA came up with the idea of universal formats for the exchange of accounting data. In 2008, EDGAR fully integrates and obliges XBRL. Since then, XBRL has been expanded to other countries. XBRL is currently used by 42 countries. For members of the European Union, it is necessary to follow developments in the European Union. The European Commission has entrusted ESMA with the development of regulatory technical standards that will be in place from January 2020 on European regulated markets.

Suggested Citation

  • Oto Křivanec, 2021. "World Development of XBRL," Springer Proceedings in Business and Economics, in: David Procházka (ed.), Digitalization in Finance and Accounting, pages 47-54, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-55277-0_5
    DOI: 10.1007/978-3-030-55277-0_5
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