Application Research On XBRL-based Internet Financial Reporting In China's Listed Companies

Internet Financial Reports are new type financial reports in the information technology environment, and it can make full use of a variety of means of information technology provided to make the traditional financial reports read on the internet. XBRL (eXtensible Business Reporting Language) is a language that XML (eXtensible Markup Language) used in the network financial reports on the latest standards and technologies. Since XBRL was created, it has been developed rapidly and has been highly concerned by professionals in many fields. It has been increasingly widespreaded in China and abroad, and gradually infiltrated into the financial, securities, taxation, insurance and other industries.The investors of China's listed companies are concerned more and more about the financial condition and operating conditions of the companies. It is very complex to exchange information between different information disclosure software, because they are designed by different stock markets according different definitions of data formats. Therefore, XBRL becomes the inevitable trend of technological development and the urgent need in China's listed companies to help the listed companies share and interoperate the information and to promote China's information disclosure of listed companies and securities information services industry develop rapidly and orderly.This paper is based on the technical foundation and principle of XBRL, and firstly introduces XBRL technical framework, XBRL International organization, research and development progress, then this paper deeply analyzed the advantages of XBRL financial reports in comparison with the traditional financial reports. Thirdly this paper summarizes the current international and domestic application development of XBRL, as well as the application software of XBRL. At last, this paper illustrated the application of the XBRL financial reports in Shanghai Stock Exchange with a case, and summarizes some problems about it, then puts forward suggestions and makes recommendations according to those problems.