The Research On Differences Between XBRL Taxonomy And Requirements Of Enterprise Financial Reports Information Disclosure

XBRL (eXtensible Business Report Language) has been widely applied to financialreports because of the great advantage of its standardization. It makes financial reports adjustto changing reporting environment; improves the efficiency of information disclosure andreduce cost of the information disclosure; improves the quality of information of financialreports and decision-making efficiency. XBRL taxonomy is a critical factor for thetransformation from PDF format to XBRL. In2010, the ministry of finance in China hadissued the Accounting Standards for Business Enterprises of XBRL General Taxonomy. Butthere are still lots of elements unfounded in the XBRL taxonomy which enterprises needwhen they disclosure their financial reports. That invalidates the advantage of XBRL.This paper use empirical method and inductive method. From the perspective of theenterprises’ demand when disclosure information in practice, we use XBRL general taxonomyto match with the financial reports in practice to find difference between the disclosuredemand of enterprises and XBRL taxonomy. Then we analyze the characteristics of difference.Namely, what difference level is when company has different characteristics in managementstructure, management characteristics and external audit. It shows the more professional thespecialized committee is, the higher difference level; the lower ownership concentration, thehigher difference level; the bigger the company, the higher difference level; and differencelevel is higher in companies not hiring the big4auditors. Average difference has asignificantly higher level in those reports that their companies with the proportion of thelargest shareholder lower than22.64%, or the natural logarithm of total assets not less than22.0.We extract elements from those financial reports base on ontology and financialinformation element theory. We get95.3%common elements. There are two innovations inthe paper. First, determine the selection criteria of financial reports when improving XBRLtaxonomy through quantitative analysis of company characteristics related to the difference.Second, extract elements undefined in taxonomy from the financial reports of enterprises toimprove XBRL taxonomy. It reduces the difference between XBRL taxonomy and thedemand of enterprise financial reports information disclosure.