Software providers are expected to update their software where necessary to handle the new taxonomies. The fact that underlying tags are being added need not influence the presentation which a company chooses to adopt - layout, style, terminological and branding preferences may all be preserved.
In particular, XBRL defines particular conventions to ensure that the positive and negative signs on data are entered correctly. The Promise of Interactive Data.
The study had also motivated other researchers to carry out research on contingent factors such as organizational, cultural or financial regulatory factors that could influence value realization due to XBRL adoption.
The determinants of interorganizational and internal in-house adoption of XBRL: They carried out exploratory research through qualitative evidence that was in line with the technology-organization environment model.
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The current study questioned how respondents understood XBRL in relation to its concept and benefits. Regarding financial reports, most of the respondents believed that the XBRL should be voluntary, with no government involvement; however, auditors preferred XBRL to be mandatory within 2 years.
The researchers believed that all stakeholders were relevant and should be respondents in the research by providing feedback on the awareness, interest, understanding and adoption of XBRL.
Besides that, XBRL adoption is a key marketing tool used by companies to reach potential investors. Pinsker had used the framework to develop seven propositions from the relevant theories, which consist of factors level of computer mediated communication apprehension, perceived usefulness, attitude, absorptive capacity, level of education, perceived technological market leadership and external pressures that affect the decision to adopt XBRL.
This study found that approximately 3. Drivers and Inhibitors Impacting Technology Adoption: The full understanding of the concepts will improve the level of awareness of all parties involved in formulating future digital reports.
For example, some existing software requires a tag to be dragged from a taxonomy list onto the appropriate line item in an Excel file. Most tags in the taxonomies represent specific monetary line items. A structural equation model.
In these circumstances, in place of a director you should include the name of the person approving the balance sheet or the CT Inclusion in the list does not imply any judgement by HMRC on the general quality of the software; it simply indicates that the software meets certain basic criteria including producing technically valid iXBRL output.
They can also turn internal management reporting and external reporting into processes which are fast, efficient and cost-effective. The study also found other reasons such as potential adopters not having the necessary technical knowledge That continues to be determined by individual companies in the light of accounting principles, company law etc.
Besides that, other electronic versions that are used are Microsoft Word and the Excel Spreadsheet. Electronic reporting was developed to overcome the disadvantages of communicating corporate information in the paper-based version, which ensures a lower cost of communication and transaction. The Association of Chartered Certified Accountants.
Therefore, it is almost inevitable that items will exist in the financial accounts which will have no XBRL tag. XBRL exists because of the challenge in reporting, since there few problems in reporting based on electronic data interchange EDI.
The last context is innovation factors, which involved limited software tool support and the instability of the XBRL specification. Here, potential adopters had mentioned about the stability of software tools and applications, especially the changes of specification and functionality.
They may wish to consult their software providers or accountants on this point. Besides that, it is also a good signal when there were about 43 respondents interested in enhancing their knowledge in the future even though they already had the basic knowledge on XBRL.
Some software is expected to provide the ability for saving tagging and creating templates for later use. This is acceptable to HMRC since these items will still be visible in the human readable web document, which preserves the full format and details of the accounts. Pinsker did a study in the US on seven auditors and nine accountants on the knowledge, experience and perceived benefits pertaining to XBRL.
Beside awareness, the study found that there were about Complexity was the second context the researchers had found. These include some consistency checks and rules that must be observed. It offers savings in costs, greater efficiency and improved accuracy and reliability to all those involved in supplying or using business information.
The findings showed that approximately 3. HMRC publishes a list of software companies who have successfully tested their products with them and provided evidence that they have either developed software or manage a service or both that can produce one or more elements of a Company Tax Return.eXtensible Business Reporting Language Moving to a global standard for electronic business reporting The movement toward eXtensible Business Reporting Language, or XBRL, as a standard global framework to support the more effective production, consumption, and exchange of financial and.
DEFINITION of 'eXtensible Business Reporting Language - XBRL' eXtensible Business Reporting Language is a standard that was developed to improve the. 1 An insight into XBRL [eXtensible Business Reporting Language] TABLE OF CONTENTS Section No Title Page No 1 Introduction 15 2 Evolution of XRBL 17 3 XBRLS (XBRL Simple Application Profile) 18 4 What XBRL is not?
19 5 Users of XBRL 20 6 Advantages of using XBRL 20 7 XBRL International 26 8 International Scenario 26 9 XBRL India 28 10 An Introduction To XML eXtensible Business Reporting Language (XBRL) More News & Media. which were reported through the publication of the Finance Committee Report on Corporate Governance (Report) in Marchrepresents the end-product of an extensive collaborative effort between government and industry, with the implementation of key aspects of the Report.
AIS Final: XBRL. Overview of yellow book for Steven Hornick's AIS Class. STUDY. PLAY. XBRL stands for. Extensible Business Reporting Language. What do metatags do. Provide meaning, which make it considered to be information.
XML stands for. Extensible Markup Language. What is XML. eXtensible Business Reporting Language, or XBRL, was designed to meet these challenges by establishing a global standard to streamline corporate to government and interagency reporting.Download