EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL): A VALUABLE INSTRUMENT FOR THE DEVELOPMENT OF DIGITAL FINANCIAL REPORTING IN THE REPUBLIC OF BULGARIA
Keywords:
XBRL, digital financial reporting, information users, accountingAbstract
The article presents the new opportunities faced by the organisation of accounting systems of Bulgarian
enterprises and one of the guidelines – eXtensible Business Reporting Language (XBRL) – being a product of the
information and communication technologies in the interest of digital financial reporting of enterprises. The research
subject matter covers the essence, features and applicable field of XBRL in financial reporting. The purpose of
processing is to present and summarize the functions and opportunities of XBRL as an international standard for
digital business reporting and on these grounds to reason the need of its application in the Bulgarian enterprises as
an effective instrument for the creation and summary of accounting information, being used by its users when
making decisions that are purposeful from economic point of view.
XBRL as a manner of actions, means, method via which we influence the objects of accounting, in order to achieve
the creation of high quality financial statements that contain comparable and comparable accounting information
within the present research work is bound with the subjects that are directly interested in the qualitative and
quantitative features of this information. We have analysed the connection and impact of XBRL onto those who
create the financial statements, as well as onto the investors, creditors, regulatory bodies and academic fields.
We performed literature overview of the evaluations made by the various groups of subjects as a result of applying
XBRL. Based on this, we have outlined the field of application of XBRL in Bulgarian enterprises. We have
systematized proposals for making popular and using widely XBRL in the accounting systems of the Bulgarian
enterprises in order to accelerate the digitalization processes, hence all the stakeholders taking advantage
progressively.
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