Subject. This article discusses the areas of concern associated with the digitalization of economic entities' accounting statements to be published. Objectives. Based on the study of Russian and foreign practices, the article aims to identify opportunities, problems and risks that arise for compilers, auditors, analysts, software developers, and regulatory authorities when submitting accounts to be published in electronic format based on XBRL, and ways to solve those numerous problems. The article also aims to identify new challenges that may arise as a result of the transition to statutory sustainability reporting, and its digital presentation. Methods. For the study, I used analysis, synthesis, comparison, generalization, and abstraction. Results. The article defines the major opportunities, significant problems and risks associated with the transition to the submission of economic entities' accounting and financial statements in electronic format. The article finds that the lack of a generally recognized taxonomy of reporting in the field of sustainable development is a new challenge to the digitalization of accounting reporting to be disclosed. Conclusions and Relevance. The transition to corporate reporting e?filing demands the organization's top management to give due consideration of the issue, and IT specialists, accountants, auditors, and specialists of other functional units involved in the preparation of corporate reporting to coordinate cross-functionally. The results of the study can be taken into account when implementing accounting reporting e-filing.
Keywords: public financial statements, taxonomy, digitalization, Extensible Business Reporting Language, XBRL
References:
Beerbaum D., Piechocki M., Weber C. Is there a Conflict between Principles-based Standard Setting and Structured Electronic Reporting with XBRL? European Financial and Accounting Journal, 2017, vol. 12, no. 3, pp. 33–52. URL: Link
Alekseeva I.V. [Development trends in financial reporting during the digitization]. Vestnik nauchnykh konferentsii, 2019, no. 7-2, pp. 12–15. (In Russ.) URL: Link
Makarenko E.N., Labyntsev N.T., Alekseeva I.V. et al. Sovremennye tendentsii razvitiya otchetnosti khozyaistvuyushchikh sub"ektov: monografiya [Modern development trends in financial reporting of business entities: a monograph]. Rostov-on-Don, RSUE Publ., 2019, 514 p.
Bulyga R.P., Safonova I.V. [XBRL as a digital reporting format for economic entities: International experience and Russian practice abstract]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2020, vol. 7, no. 3, pp. 6–17. (In Russ.) URL: Link
Druzhilovskaya T.Yu., Druzhilovskaya E.S. [Improving the financial reporting of organizations in the digital economy]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2019, vol. 6, no. 1, pp. 50–61. (In Russ.) URL Link
Ermakova M.N., Gorodetskaya O.Yu. [Formation of accounting-analytical information for use in XBRL]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2019, vol. 8, no. 3, pp. 54–61. URL: Link (In Russ.)
Kovalev A.E. [The concept of interactive financial statements]. Uchet i kontrol', 2019, no. 5, pp. 14–26. (In Russ.) URL: Link
Kulikova L.I., Mukhametzyanov R.Z. [Evolution of financial reporting under the influence of digitalization]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2022, vol. 25, iss. 2, pp. 180–197. (In Russ.) URL: Link
Lukicheva E.A. [The role of XBRL format for quality control of non-credit financial organizations reporting]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2022, vol. 3, no. 6, pp. 28–33. (In Russ.) URL: Link
Lyal'kova E.E. [International and Russian experience in using the XBRL format]. Ekonomicheskie nauki = Economic Sciences, 2020, no. 182, pp. 137–143. (In Russ.) URL: Link
Malinovskaya N.V. [Development trends in public reporting during the digitalization]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2020, vol. 23, iss. 5, pp. 484–502. (In Russ.) URL: Link
Rozhnova O.V. [Development of IFRS: issues and solutions in the context of digitalization]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2019, vol. 15, no. 3, pp. 27–37. (In Russ.)
Sviridov A.P., Kirilyuk I.L. [Specific features and prospects for the transition to XBRL format and data-driven reporting in the Russian financial sector]. Vestnik Instituta ekonomiki Rossiiskoi akademii nauk = Bulletin of the Institute of Economics of the Russian Academy of Sciences, 2022, no. 3, pp. 126–143. URL: Link (In Russ.)
Khalitova A.Z., Rastegaeva F.S. [XBRL as a new format for digital reporting of economic agents]. Sovremennye tekhnologii upravleniya, 2020, no. 3, p. 18. (In Russ.) URL: Link
Chaikovskaya L.А. [Tools of the digital economy as methods to ensure the reliability of financial statements]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2022, vol. 9, no. 3, pp. 6–13. (In Russ.) URL: Link
Gatea A.K., Alnawas A.A., Gali Z.H. The Effect of XBRL Financial Reporting on Enhancing the Transparency of Information in the Financial Statements. Turkish Journal of Computer and Mathematics Education, 2021, vol. 12, no. 11, pp. 4945–4953. URL: Link
Belikova S.S., Belikova N.V. [State information resource of accounting (financial) reporting as an aspect of digitalization of economy]. Nauka i obrazovanie: khozyaistvo i ekonomika; predprinimatel'stvo; pravo i upravlenie, 2020, no. 4, pp. 45–48. URL: Link (In Russ.)
Morozova T.V., Safonova E.G., Kalacheva O.N. [Evaluation of the impact of the IFRS reporting in XBRL format on taxonomy]. Azimut nauchnykh issledovanii: ekonomika i upravlenie, 2018, vol. 7, no. 2, pp. 237–241. (In Russ.) URL: Link
Chong D., Shi H., Fu L., Ji H., Yan G. The Impact of XBRL on Information Asymmetry: Evidence from Loan Contracting. Journal of Management Analytics, 2017, vol. 4, iss. 2, pp. 145–158. URL: Link
Alkhatib S.M., Alkhatib E.S. The Evolution and Diffusion of the Standard Business Reporting (SBR) Initiatives: Evidence from UK Small Businesses. The International Journal of Digital Accounting Research, 2022, vol. 22, pp. 1–45. URL: Link
İşbil N., Köroğlu A.G.N., Zaif F. Digital Reporting in Accounting: XBRL and Integration to Accounting Department Curriculum. Gazi Journal of Economics and Business, 2021, vol. 7, no. 3, pp. 188–202. URL: Link
Malinovskaya N.V. [International sustainability reporting standards: A comparative analysis]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2022, vol. 25, iss. 11, pp. 1206–1224. (In Russ.) URL: Link
