Effects of emerging technologies in Accounting Information Systems- focusing on XBRL - Research Paper Example

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For enhancing the financial reporting process, an open and free standard specifically XBRL based on XML is prepared through compliance with the accounting guidelines…
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Effects of emerging technologies in Accounting Information Systems- focusing on XBRL
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Download file to see previous pages Due to numerous benefits, XBRL captured the market and now-a-days few biggest economies in the world such as US, China, France and Japan organizations are obliged to implement XBRL for financial reporting (Geerts, Guido, et al 815-840). XBRL assures control of data sources and in addition, it ensures the integrity of reporting information by using the structured format of XML that are adapted to the financial particularities. It helps in facilitating and automating the import of data from diverse computing environments. Along with summiting the regulatory constraints, the enterprises that are implementing XBRL are benefitting from an innovative context for improvement and cost diminution relative to their reporting processes. Recently, XBRL has come out to be a viable option for the public sectors (Jiu, Li, Wang and Gong 84-96). There exists number of extensions of XBRL such as XBRL IFRS and XBRL US GAAP that are created for the adoption of specific norms and rules for reporting in financial accounting. The objective of the report is to explain the impacts of technological advancements such as XBRL in accounting information system and its relevance.
The evolution in the world of XBRL was exceptionally rapid, progressing from the state of initiative of American accounting expert Charles Hoffman in 1988 to the state of international standard that are used internationally and promoted by a significant number of national and international jurisdictions. Considerable numbers of paper are dealing with the problems of XBRL and its significance in accounting information systems (Baldwin, Amelia and Trinkle 1-24). This research report goes beyond the research preoccupation for adopting XBRL as a standard format and tool generally in business reporting and particularly in financial reporting. This research report will review the effects of emerging technologies on accounting information systems (AIS) majorly focusing on XBRL. This ...Download file to see next pagesRead More
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