How xbrl is used in digital reporting in europe

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Reference no: EM133371106

Case Study: 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 lets reporting information move between organizations rapidly, accurately, and digitally".

Professor Ann Tarca, an IASB Board member recently gave a speech on digital reporting, and its implications for accounting standard setters, practitioners, and researchers.

Question:

Review Tarca's (2020) discussion paper and briefly explain what inline XBRL (iXBRL) technology is and how XBRL is used in digital reporting in Europe and Australia.
According to Tarca (2020), what factors limit the adoption of digital financial reporting?
Should digital financial reporting be adopted by all companies around the world?

Reference no: EM133371106

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