Task: Digital Reporting: Implications for accounting standard setters, practitioners and researchers XBRL is “the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. XBRL is used around the world, in more than 50 countries. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, more effective and more accurate digital versions. XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL let reporting information move between organisations rapidly, accurately and digitally”. Professor Ann Tarca, IASB Board member recently gave a speech on digital reporting, and implications for accounting standard setters, practitioners and researchers. Details of her discussion can be accessed at https://www.ifrs.org/news-and-events/2020/07/digital-reporting-questions/. Go through the above case scenario and prepare a detailed report on accounting assignment addressing the following points: Review Tarca’s (2020) discussion paper and briefly explain what inline XBRL (iXBRL) technology is and how XBRL is used in digital reporting in the US, Europe, and Australia. According to Tarca (2020), what factors limit the adoption of digital financial reporting? In light of Tarca’s discussion and relevant literature (see attached reading list), discuss the costs and benefits of digital financial reporting for financial information users. Should digital financial reporting be adopted by all companies around the world? Discuss factors that influence the adoption (or not adoption) of digital financial reporting in the context of either Institutional Theory or Positive Accounting Theory.
Subject Name: Accounting
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