XBRL Standard for Financial Reporting in Croatia: Current State and Perspectives

Gostimir Dejan ()
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Gostimir Dejan: Zagreb School of Economics and Management, Zagreb, Croatia

Business Systems Research, 2015, vol. 6, issue 2, 31-40

Abstract: Background: Harmonization and standardization is becoming important among regulators and business community. XBRL has entered the global stage as a financial reporting standard. Its mission was to standardize the financial reporting, lower the reporting costs and make the reporting as transparent as possible.Objectives: The goal of the paper is to review the current usage of XBRL as a standard worldwide and to give an overview of its current state and perspectives in Croatia.Methods/Approach: The secondary research method for examining XBRL as a standard has been applied in this work.Results: The European Union embraced XBRL as the only standard that will be used for mandatory financial reporting and as such it is implemented in EU legislation. Croatia is a new member state and XBRL usage, which is still limited in Croatia, presents one of the country’s challenges.Conclusions: XBRL is the new standard for financial reporting that has had its place and usage in practice for several years now. It is adopted as a mandatory reporting standard in in most countries of the world, but not without barriers.

Keywords: eXtensible Business Reporting Language (XBRL); extensible markup language (XML); financial reporting standard; financial information; Europe; Croatia; perspectives (search for similar items in EconPapers)
JEL-codes: O14 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:bit:bsrysr:v:6:y:2015:i:2:p:31-40

DOI: 10.1515/bsrj-2015-0009

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