A Study On XBRL-based Internet Financial Reporting

An enterprise consists of a series of contracts which need lots of verifiable information to be designed and enforced.Financial reporting,as a kind of system of information disclosure,can meet decision information needs of all stakeholders.While,with the degree of economic globalization and capital market internationalization getting more and more deeply,traditional financial reporting for general purpose cannot meet the personalized information needs of the stakeholders from the perspective of space.At the same time,with the advent of computer network age,traditional financial reporting has lagged behind the personalized information needs of the stakeholders from the perspective of time.The application in accounting of computer network has brought about the revolution of traditional financial reporting and choosing internet financial reporting is inevitable.Especially,XBRL is leading IFR to develop in a much more deeply degree.With the establishment of CAS Taxonomy and the enforcement of XBRL route map of our country,XBRL-based IFR will be applied in all fields of accounting practice in an all-round way.So,it's necessary to study on XBRL-based IFR on this occasion. In this paper,technic architecture of XBRL, core value,CAS taxonomy,technic platform and system constructing about XBRL-based IFR are studied through both normative research and empirical research based on the the international background of IFR and the development of XBRL in our country,in order to enrich theoretical system of XBRL-based IFR,provide reference for stakeholders,and give some suggestion about constructing the system of XBRL-based IFR in our country.Conclusions of this paper are described as below.(1)The core value of XBRL-based IFR lies in improving the quality of accounting information as much as possible.Both theoretical analysis and empirical study show that XBRL-based IFR can improve the quality of accounting information including relevance, reliability,timeliness, comparability and understandability, and dilute the materiality and prudence to some extent.Both fair value and historic cost have not only advantages but also shortcomings.Choosing of measurement attribute means weighing of relevance and reliability,thus the dilemma cannot be get rid of at all in this way.Perfect XBRL-based IFR makes it possible to solve the dilemma.So, promoting XBRL-based IFR to develop in an all-round way is an effective method to improve the quality of accounting information in order to realize the object of financial reporting as much as possible.(2)It's necessary to construct a technic platform of XBRL-based IFR in order to get rid of the information island and meet the need in all links.The supply platform can be designed from five aspects including business function,XBRL core function,data mapping,infonnation exchange platform and information resource.All stakeholders can inquire the financial reporting for general purpose,customize the personalized financial reporting,make statistic and analysis on line,and download instance in any format through visiting the enterprise'web or stock exchange'web(only for listed companies).XBRL can provide not only decision information for enterprises but also necessary conditions for implement,assessment and auditing about internal control through uniting the platform of internal reporting and financial reporting.(3)In order to construct the system of XBRL-based IFR in our country,those aspects should be considered as below:Organization constructing,core elements including taxonomy and technic platform, and ecology factors including auditing,internal control,risk resistance and human resource.Those aspects interact each other and determine the quality and efficiency of XBRL-based IFR all together.