Research on XBRL-based Financial Reporting and Effect of New Accounting Standards on XBRL Taxonomy
|School||Southwestern University of Finance and Economics|
|Keywords||Financial Reporting XBRL XML Taxonomy New Accounting Standards|
The accounting environment has been greatly changed by the economic globalization and the information technical revolution in the 21st century. With the development of the information technology, the Internet financial report is chosen as the substitution for the traditional financial report which is not able to corm with the requirement of the economic development. Therefore, it is quite significant to study the basic theory, technical support and evolution of the Internet financial report.As the most promising Internet financial report model in the world, XBRL-based (eXtensible Business Reporting Language) Financial Reporting grows fast and is gradually accepted by many developed and developing countries, and also has been accepted as the standard document format for more than 12,000 fund institutes, insurance agents and banks. U.S. Securities and Exchange Commission (SEC) encourages all listed companies to submit XBRL based financial reports for EDGAR database filing. Many XBRL solutions have been developed abroad.In China, XBRL-based financial reporting model is gradually paid more attention and made some progress, which has great implication to the research and development of Internet financial report. Focused on the XBRL based Internet financial report model with Event Accounting theory, its technological background, implementation fields, advantages, impact on all participants in the financial information supply-chain and current situation in home and abroad are fully analyzed, in order to improve the developing progress of XBRL in China.The paper divides into five chapters:Chapter 1 is outlined in the preamble, including the background and purpose of this study, the research process and structure of this paper. With the evolution of accounting information systems, XBRL took much more important role in the financial reporting field.Chapter 2 analyzes the accounting theory, technological base and the application, research result of XBRL. Information technology brings a brand new Internet financial report model- XBRL-based financial reporting. Now the implementation of XBRL havn’t changed the accounting standard yet, as XBRL was used as a kind of translating tool from accomplished financial report to computerized imformation in these days. But, the event based accounting theory will guide Internet financial report based XBRL to expanded application and research, which is the exact approach to the advanced Internet financial report model.Chapter 3 studies the framework, taxonomy and modeling process of XBRL taxonomy. Taxonomy is the core concept of XBRL and the key to develop XBRL farther. By analyzing taxonomy, we can figure out the main character and get ready for the next research.Chapter 4 is of most importance of this paper. First, it states the regulation of XBRL financial reporting taxonomy. Second, by comparing the new and the old accounting standards, it achieved the main difference between those. And last but not least, based on the analysis from basic theories, technical support, and the comparative difference, I tried to modify the old schema in taxonomy of CN Listed Company Information Disclosure, and had some advice in making taxonomy process, especially in labels.Chapters 5 concluded the previous research, and try to discover more research directions of XBRL.