IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking

Introduction to this book

THERE IS A NEED FOR COMPANIES TO REVIEW the current functioning and planned potential of associated business by testing whether there is room for improvement. That, in effect, should be a frequent occurrence. For instance, are strategies suitable to the needs of key stakeholders, as well as in line with recent, political, economic, social, technological, legal and environmental developments?

In this regard, with the increasing rise in International Financial Reporting Standards (IFRS), companies cannot remain content with the belief that existing accounting education and applications in any organisation are sufficient for future purposes. Priorities must be reconsidered, especially when the prospect of global investment and trade continues to offer profitable opportunities.

However, can key decision makers in companies and governments rely upon financial reporting? This is a critical issue that can derail excellent business opportunities due to the absence of integrity. In the context of how poorly commerce and industry, as well as the public sector, function when reliant upon poor reporting, IFRS shine brightly.

Nevertheless, it must be said that IFRS are applicable universally, and it is vital to see that XBRL (eXtensible Business Reporting Language) is linked perfectly in ensuring that this is deliverable. The best corporations embrace IFRS and XBRL and not only to abide by increasing legislative persuasion, growing government initiatives and strong ...