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XBRL: Opportunities and Challenges in Enhancing Financial Reporting and Assurance Processes

Current Issues in Auditing 1 (1), A36 (2007);
doi: 10.2308/ciia.2007.1.1.A36

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James Gunn
James Gunn is a Deputy Director for the International Auditing and Assurance Standards Board (IAASB), International Federation of Accountants (IFAC)
This paper describes some of the benefits and opportunities in relation to the use of XBRL, as it exists today, from a domestic (U.S.) and international perspective, as well as some possible challenges to its widespread adoption and acceptance. Additionally, this paper discusses what specifically XBRL means for accountants in business (e.g., business management), public practice, or academia, those involved in the development of assurance services, and users of financial information. ©2007 American Accounting Association
History: Submitted 15 March 2007; accepted 30 July 2007; published 7 December 2007
Permalink: http://link.aip.org/link/CIAXXX/v1/i1/pA36/s1

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ISSN:
1936-1270 (online)
Publisher:
AIP is a member of CrossRef American Accounting Association

REFERENCES (13)
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  2. Cox, C. , 2005. Remarks at the 12th XBRL International Conference. Washington, D.C.: U. S. Securities and Exchange Commission. Available at: http://www.sec.gov/news/speech/spch110705cc.htm.
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  6. KPMG International. 2004. Improving Regulatory Reporting. Available at: http://www.xbrl.org/Business/Regulators/KPMG-Regulatory-Reporting.pdf.
  7. Trites, G. , 2002. Audit & Control Implications of XBRL. Information Technology Advisory Committee, Canadian Institute of Chartered Accountants (CICA). Toronto, Canada: CICA.
  8. 2006. Interactive Data: The Impact on Assurance. “XBRL International.” Available at: http://www.xbrl.org/Announcements/Interactive-Data-Assurance-2006-11-10.pdf.
  9. Udell, J. , 2006. “XML for business reporting gains momentum.” InfoWorld (August). Available at: http://www.infoworld.com/archives/emailPrint.jsp?R=printThis&A=/article/06/08/16/34OPstrategic_1.html
  10. Ward, G. , 2004. How XBRL Can Enhance the Credibility of Audited Financial Statements. New York, NY: IFAC, Available at: http://www.ifac.org/MediaCenter/?q=node/view/73.
  11. Willis, M., and N. Hannon, 2005. “Combating everyday data problems with XBRL, Part 2.” Strategic Finance (August): 59–61.
  12. XBRL International. 2007a. What is XBRL? XBRL International. Available at: http://www.xbrl.org/WhatIsXBRL.
  13. XBRL International. 2007b. XBRL Case Studies: Showing XBRL in Use: The FFIEC and US Banking Regulation. XBRL International. Available at: http://www.xbrl.org/CaseStudies.
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