ID: 27286
Authors:
Fernando Pereira Tostes, Miklos A. Vasarhelyi.
Source:
Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ, v. 10, n. 2, p. 51-64, July-December, 2005. 14 page(s).
Keyword:
Accounting Harmonization , IASC , Taxonomy , US-GAAP , XBRL
Document type: Article (Portuguese)
Show Abstract
The original business measurement model was developed for the industrial organization of the 19-20th century under a regime of limited to nonexistent information technology. While business organizations have changed substantively towards an information organization whose main assets are not physical in nature, the measurement model has not evolved sufficiently and so it is poorly equipped to deal with the emerging information organization. Consequently, new and improved accounting and reporting requirements and mechanisms are needed to meet our commitment to the user/public marketplace of the 21st century. The opportunity comes with XBRL, a new tool designed to overcome the inefficiencies of disparate, non-integrated and outsourced accounting and financial systems by using the power of XML – the Extensible Markup Language. XBRL is an agreement on how to represent accounting and after-the-fact operation information – anything that is found in a chart of accounts, journal entries or historical transactions, financial and non-financial – and transter it to and from a data hub or communicate it in a data stream. The new technology has been recommended by the IASB, the AICPA and the SEC. Finally, the article examines some unintentional effects of the XBRL project.
