New Areas of Interest in the Field of the Financial Audit: XBRL, XARL and the Electronic Financial Reporting
Author:
Lecturer Dragoş MANGIUC, Ph.D.
JEL:
DOI:
Keywords:
Extensible Business Reporting Language, Extensible Assurance Reporting Language, electronic financial reporting, financial audit mission
Abstract:
Most of the public companies nowadays publish their financial reports by the means of the Internet, but the lack of a generally accepted, financial reporting-dedicated data format specification forces the typical user of financial information to re-input the data in order to perform a thorough analysis. This paper is an attempt to provide a solution for the aforementioned problem, based on the Extensible Business Reporting Language (XBRL), dedicated to the electronic financial reporting, as well as the Extensible Assurance Reporting Language (XARL), the new support model for the Internet-based financial audit and assurance reporting. The two specification frameworks are analyzed with a critical eye, and a set of improvements is proposed. The improvements are mainly focused on the security and information integrity concerns, and consist in an integration proposal for the established encryption and electronic signature standards.\r\n\r\n