Abstract:

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.

Keywords:

XBRL, Financial reporting, Business information, 21st century, Accounting education.