Analysis of the Relationship between Adopting and Using XBRL as a Reporting Language for Small and Medium Sized Entities and the Development Status of the Country and the Existence of XBRL Jurisdiction Cover Image

Analysis of the Relationship between Adopting and Using XBRL as a Reporting Language for Small and Medium Sized Entities and the Development Status of the Country and the Existence of XBRL Jurisdiction
Analysis of the Relationship between Adopting and Using XBRL as a Reporting Language for Small and Medium Sized Entities and the Development Status of the Country and the Existence of XBRL Jurisdiction

Author(s): Anton Marci, Zuzana Juhászová
Subject(s): Micro-Economics, Methodology and research technology, Accounting - Business Administration
Published by: Masarykova univerzita
Keywords: XBRL; XBRL taxonomy; extensible business reporting language; SMEs; small and medium-sized enterprises;
Summary/Abstract: The aim of the paper is to explore possible relationship between adopting and using XBRL as a reporting language for small and medium sized companies and development status of the economy and to explore possible relationship between adopting and using XBRL as a reporting language for small and medium sized companies and the existence of XBRL Jurisdiction. Methodology used in the research project is focused on the current experiences of using XBRL by insurance and banking sector companies and by companies in other sectors with accordance to regulations for insurance and banking sector companies and for small and medium sized enterprises in European Union member states. Research is then focused also on the existing relationship between XBRL usage and the development status of the economy and other social factors. Preliminary results in the field of problems in the process of creating and implementing XBRL by small and medium sized enterprises in the future are dependence of automation on taxonomy preparation level. The second side of problems to overcome is linked to costs of adopting XBRL, which are highly changeable and not easily predictable. The other problem is linked to taxonomies already in use, which are subject to changes and transformations what can cause problems for software systems designed for older taxonomies. In some European Union countries XML reporting format is required by state legislation for small and medium sized enterprises with no other option. XBRL also requires more skills from accounting experts than simpler XML based reporting.

  • Page Range: 451-458
  • Page Count: 8
  • Publication Year: 2016
  • Language: English