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Financial reporting comparability: toward an XBRL ontology of the FASB/IFRS conceptual framework

Financial reporting comparability: toward an XBRL ontology of the FASB/IFRS conceptual framework As a mechanism for the exchange, transmission, and reporting of accounting and financial data, eXtensible Business Reporting Language (XBRL) makes great strides toward standardisation. However, given the global nature of contemporary financial markets, XBRL reporting must transcend or accommodate differences in reporting standards. Presently, the two standards for XBRL reporting, the US Generally Accepted Accounting Principles (US GAAP) or International Financial Reporting Standards (IFRS), make reconciling meanings between these standards a laborious and error-prone affair. As the audience for this reporting often spans countries and cultures, many have a stake in digesting XBRL-formatted financial reports. This paper addresses the question of how cross-cultural and transnational consumers of XBRL statements can derive meaning from these reports. We present an ontological approach toward solving this problem which includes a financial reporting ontology and associated architecture for comparing concepts across XBRL taxonomies. The architecture is explained, evaluation criteria offered, and future research approaches toward realising artefacts using this architecture are proffered. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Electronic Finance Inderscience Publishers

Financial reporting comparability: toward an XBRL ontology of the FASB/IFRS conceptual framework

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd. All rights reserved
ISSN
1746-0069
eISSN
1746-0077
DOI
10.1504/IJEF.2013.051754
Publisher site
See Article on Publisher Site

Abstract

As a mechanism for the exchange, transmission, and reporting of accounting and financial data, eXtensible Business Reporting Language (XBRL) makes great strides toward standardisation. However, given the global nature of contemporary financial markets, XBRL reporting must transcend or accommodate differences in reporting standards. Presently, the two standards for XBRL reporting, the US Generally Accepted Accounting Principles (US GAAP) or International Financial Reporting Standards (IFRS), make reconciling meanings between these standards a laborious and error-prone affair. As the audience for this reporting often spans countries and cultures, many have a stake in digesting XBRL-formatted financial reports. This paper addresses the question of how cross-cultural and transnational consumers of XBRL statements can derive meaning from these reports. We present an ontological approach toward solving this problem which includes a financial reporting ontology and associated architecture for comparing concepts across XBRL taxonomies. The architecture is explained, evaluation criteria offered, and future research approaches toward realising artefacts using this architecture are proffered.

Journal

International Journal of Electronic FinanceInderscience Publishers

Published: Jan 1, 2013

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