Research On Risk Control Of Financial Reporting Disclosure Based On XBRL

XBRL (eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. And its good extensibility makes it possible for enterprises to disclose their financial information timely in the network environment. In the 21st century, XBRL based internet financial reporting has been used in many fields all around the world, however, we have to recognize the new challenges and risks it brought to the internal control and audit field.This paper mainly uses the standard researching methods and includes four parts. The first part expatiates on the basic problems of XBRL based internet financial reporting, defines the relevant concepts and its practical significance. Then, a deep analysis on the technical framework of XBRL and the quality characteristics of XBRL based internet financial reporting. Based on the research, the paper emphatically analyses the risks of financial reporting disclosure based on XBRL from technology, management and assurance. The second part researches the basis of XBRL Taxonomies, analyses the risk of the present XBRL Taxonomies, and points out the control of technical risk from constructing Chinese XBRL Taxonomies. The third part gives a whole explanation on the eight elements of enterprise risk management under circumstances of XBRL, then makes a further research on the risk identification and control of internet financial reporting based on XBRL, points out the control of management risk from enhancing enterprise internal control. The forth part analyses the auditing risk of internet financial reporting based on XBRL, and points out the control of assurance risk from implementing continues assurance auditing using extensible assurance reporting language.