XBRL Implementation in the Banking Sector in Montenegro

Vladan Martić (), Ana Lalević-Filipović () and Milivoje Radović ()
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Vladan Martić: Montenegro Business School, Mediterranean University
Ana Lalević-Filipović: Faculty of Economics, University of Montenegro
Milivoje Radović: Faculty of Economics, University of Montenegro

Journal of Central Banking Theory and Practice, 2017, vol. 6, issue 2, 5-22

Abstract: The EXtensible Business Reporting Language – XBRL appeared in the beginning of the 21st century and it represents one of the most important technological innovations in financial reporting, collecting and exchanging data since the introduction of electronic spreadsheets. However, although the XBRL standard is globally accepted, and it has been proved to be a standard sui generis, the implementation of the standard has not yet become a reality in Montenegro and the region. In this context, the goal of this article is to evaluate a new and, for our conditions unexplored, area from the point of application of modern methods of accounting theory and practice, highlighting both positive and negative aspects. This research is getting prominence having in mind that the EU integration process which Montenegro has already started would affect all areas of socioeconomic life and development, especially in terms of accounting practices harmonization.

Keywords: XBRL; financial reporting; digitalization; Internet; accounting standards; management; company; stakeholders; globalization. (search for similar items in EconPapers)
JEL-codes: E58 M41 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:cbk:journl:v:6:y:2017:i:2:p:5-22

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