IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking

Preface

MUCH OF OUR WORKING LIFE puts each of us in a unique position to see evolving IFRS policies in broad forum discussion, professional development and global delivery, with this followed by international deployment in countries that understood the benefits of international financial standards. Thereafter came the onset of XBRL, which is the most exciting addition to the world of finance and accounting, and one that is worthy of focus, and, although for different reasons, also worthy of as much praise as IFRS has received. Without a doubt, IFRS and XBRL are two significant initiatives that have shaped the world of business reporting in an encouraging way that will yield increasing benefits.

When engaged in the thick of international business, however, it is easy to overlook the many people who are far from the point of focus and any related action. The same can be said in relation to the development and delivery of international financial reporting standards that, usually, involve senior finance and accounting professionals, leading public accounting firms, senior ministers of governments, as well as prominent academics.

Yet it is through the universal application of standards at the grass-roots level of business and government, and the use of relevant technological tools, that facilitates the expected successes of the general acceptance and proper implementation of accounting standards. As a direct result, there is the greater degree of confidence in business reporting that, ...