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XBRL, The 21st Century Data Source and Database Level Data Validation

Faboyede, Olusola Samuel and Mukoro, D. O. and Olowe, Olusegun (2011) XBRL, The 21st Century Data Source and Database Level Data Validation. International Journal of Research in Commerce, IT and Management, 1 (4). pp. 15-21. ISSN 2231-5756

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In the present dynamic business environment of corporate governance and regulations, financial reporting is an inevitable and extremely significant process for every business enterprise. In the current state of information access, information is provided in many different proprietary data formats, making it difficult to access, integrate and analyze this information in a timely, complete and accurate manner. Using the secondary data methodology, this paper presents the implications of the eXtensible Business Reporting Language (XBRL) which is becoming the digital and transparent method of presenting the financial statistics of businesses worldwide. XBRL addresses business reporting information on internet and bases on eXtensible Mark-Up Language (XML), which is a standard for electronic data exchange on internet. The paper finds that as XBRL becomes the norm for financial reports, automated validation will be increasingly important not only for the success of the system, but for peace of mind for investors/users and preparers of information. As a result of the fact that accounting industry is in the midst of a technological tsunami in which antiquated closed, proprietary financial reporting systems are being challenged by more cost effective, XBRL-based systems, the paper recommends, amongst others, that regulatory bodies, corporate organizations, software companies, the government, professional bodies, and educational institutions, should immediately set in motion activities that will culminate into a full embrace of the XBRL digital reporting technology in order to take advantage of this historic revolutionary development.

Item Type: Article
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Humanities
Depositing User: Dr Samuel Olusola/S.O. Faboyede
Date Deposited: 31 Mar 2015 09:57
Last Modified: 31 Mar 2015 09:57

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