December 2nd, 2019

By Azleen Ilias , Erlane K Ghani and Zubir Azhar 

Introduction

Extensible Business Reporting Language (XBRL) has evolved over more than a decade following the worldwide changes affecting the financial reporting landscape. XBRL, defined as “an open independent platform, international standard for a timely, accurate, efficient and cost-effective electronic storage, manipulative, repurposing, and communication of financial and business reporting data,” (Bergeron, 2003, p.15) is viewed as the mechanism that better suits into the current financial reporting landscape and even more so in the Industry 4.0 environment. However, as to date, XBRL has yet to be fully adopted throughout the world.