Consequences of XBRL Standardization on Financial Statement Data

ABSTRACT XBRL (eXtensible Business Reporting Language) has become an important element of the financial reporting landscape. This paper provides a discussion of the effects of XBRL on the usefulness of financial data. Using the theoretical framework of the technology acceptance model (TAM), we examine XBRL's potential to improve the usefulness of reported financial information. As XBRL gains wider acceptance, we examine five axes along which XBRL standardization will propagate: current data, disclosure format, historical data, data fidelity and assurance, and third-party data. We also call attention to new research opportunities that may arise as XBRL and related technologies mature.