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

CHAPTER FOUR

Conclusion

AS IS EVIDENT THROUGHOUT THIS BOOK, IFRS and XBRL are perfect partners in a quest, with an international reach, to improve the basis, processes and outcomes of business reporting. It is noteworthy, and laudable, that significant advancement exists for both of these standards, being seminal, yet effective.

Considerable, and very positive, progress was made in crafting IFRS and implementing them in many countries. The same can be said for XBRL as a necessary vehicle for hastening the delivery of benefits attributable to IFRS, as well as to those associated directly with XBRL. These two standards are key components of the finance and accounting profession and, as such, are critical vehicles of reform for altering how financial reporting is undertaken globally. Certainly, when IFRS and XBRL are intertwined, these standards drive change.

Such solid grounding gives added impetus to further plans for expansion into new areas of commerce, industry and public service, as well as in countries that as yet have not entirely addressed the question of why IFRS and XBRL remain on the sidelines of strategic and operational plans.

Still, as indicated in this concluding part of the book, one needs to look at a number of factors that have an undue influence over the prospective pace of improvement and implementation globally. Accordingly, all related ­stakeholders have a duty to do whatever can be done to move the integrity and usability of business reporting forward. That ...