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Appears in:
Pages: 1381-1387
Publication year: 2015
ISBN: 978-84-608-2657-6
ISSN: 2340-1095

Conference name: 8th International Conference of Education, Research and Innovation
Dates: 18-20 November, 2015
Location: Seville, Spain

EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL): A TOOL FOR ACCOUNTING EDUCATION IN THE 21ST CENTURY

S. Faboyede1, O. Nwobu1, O. Akande2, O. Olufemi3

1Covenant University (NIGERIA)
2Intercontinental University (BENIN)
3Landmark University (NIGERIA)
21st century education standards focus on 21st century skills, content knowledge and expertise.
They build understanding across and among core subjects as well as newly emerging interdisciplinary themes. They also emphasize deep understanding rather than shallow knowledge, engage students with the real world data, tools, and experts, and allow for multiple measures of mastery. Technology advances such as eXtensible Business Reporting Language (XBRL) have revolutionized the way information is exchanged and the way business is conducted. Corporate reporting is in the spotlight today more than ever before. These days, speed is of the essence and loss of accuracy, lack of transparency, and difficulty in analysis are increasingly apparent risks. EXtensible Business Reporting Language (XBRL) is a freely available XML-based specification and twenty first century revolutionary format that uses accepted financial reporting standards and practices to exchange financial statements across all software and technologies, including the Internet. This research exposes XBRL as a phenomenon that represents the future of global accounting education. It discusses the concept and need for XBRL as well as its potential uses and challenges. The research finds that there is an ongoing transformation in the way business is conducted and regulated world-wide. The onslaught of the information revolution has profound ramifications for corporate reporting information preparers and users. It therefore recommends that the greater the degree of collaboration between all participants in the financial information supply chain, including government regulators and public sector accountants, the greater the benefits that this information format enables for all participants, educationists, academics, companies, regulators, investors, and government agencies alike.
@InProceedings{FABOYEDE2015EXT,
author = {Faboyede, S. and Nwobu, O. and Akande, O. and Olufemi, O.},
title = {EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL): A TOOL FOR ACCOUNTING EDUCATION IN THE 21ST CENTURY},
series = {8th International Conference of Education, Research and Innovation},
booktitle = {ICERI2015 Proceedings},
isbn = {978-84-608-2657-6},
issn = {2340-1095},
publisher = {IATED},
location = {Seville, Spain},
month = {18-20 November, 2015},
year = {2015},
pages = {1381-1387}}
TY - CONF
AU - S. Faboyede AU - O. Nwobu AU - O. Akande AU - O. Olufemi
TI - EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL): A TOOL FOR ACCOUNTING EDUCATION IN THE 21ST CENTURY
SN - 978-84-608-2657-6/2340-1095
PY - 2015
Y1 - 18-20 November, 2015
CI - Seville, Spain
JO - 8th International Conference of Education, Research and Innovation
JA - ICERI2015 Proceedings
SP - 1381
EP - 1387
ER -
S. Faboyede, O. Nwobu, O. Akande, O. Olufemi (2015) EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL): A TOOL FOR ACCOUNTING EDUCATION IN THE 21ST CENTURY, ICERI2015 Proceedings, pp. 1381-1387.
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