Adopting XBRL language in electronic financial reports to improve the quality of financial reporting - an exploratory study in the Iraqi Stock Exchange

Abstract

Economic units seek to take advantage of the rapid developments in the field of information technology by adopting modern methods and methods in disclosing their financial statements electronically instead of traditional disclosure methods in order to reduce time and reduce costs, and after the numerous attempts made by economic units and organizations interested in regulating the accounting profession resulted in A language that meets its needs for accounting disclosure called XBRL, which is an acronym for (Extensible Business Reporting Language), which means Extensible Business Reporting Language, as it complies with the standards for preparing financial reports IFRS. The research seeks to enhance theoretical knowledge of the concept of XBRL and its concepts and the beneficiaries thereof, and to determine the impact of XBRL on enhancing the efficiency of electronic accounting information systems, and then improving the quality of financial reporting, and clarifying the importance of XBRL for Iraqi economic units. And the need to enhance its capabilities to make electronic disclosures that keep pace with global economic units, and this is done through the statistical analysis of the questionnaire distributed to 181 respondents from investors and workers in the Iraqi Stock Exchange. As a result, it achieves a significant improvement in the quality of financial reporting, and achieves the beneficiaries their goals in making decisions based on reliable information, at the lowest cost, most accurate and the fastest time.