eXtensible Business Reporting Language (XBRL): A Review and Implications for Future Research

Abstract

\n This study seeks to advance research related to eXtensible Business Reporting Language (XBRL). XBRL is an open standard for reporting structured financial information which enables the efficient gathering of data and automated comparison of financial information. To encourage research using XBRL we describe the richness of XBRL data and sources from which it can be obtained. We follow with a review of the literature, beginning with research examining the adoption and use of XBRL by capital market participants. Next, we discuss data quality concerns that may impact the use of XBRL data, followed by a discussion of how auditors use XBRL data and their potential role in the assurance of the data. We then present literature that uses meta and underlying XBRL data to examine financial statement characteristics and disclosure properties. Based on the review of the literature, we identify topics with the greatest potential for future research.