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Assuring financial statements filed in XBRL – A new technology’s effect on the assurance process

Larsson, Patrik and Kvasnina, Alla (2010)
Department of Business Administration
Abstract
XBRL is an XML based, meta-tagged financial reporting language, which is anticipated to become one single standard for electronic filing of financial statements. Numerous studies have identified errors and inconsistencies in XBRL filings. Error-laden XBRL documents are a serious concern for many stakeholders. Many questions have been raised regarding the potential assurance of XBRL filings. These questions include the nature and the level of such assurance, lack of guidance for it, meaning of an error in XBRL filings, materiality, and assurance techniques and procedures. However, no jurisdiction so far has mandated assurance, i.e. auditing, on XBRL filings. The purpose of this master thesis is to investigate the issues surrounding the... (More)
XBRL is an XML based, meta-tagged financial reporting language, which is anticipated to become one single standard for electronic filing of financial statements. Numerous studies have identified errors and inconsistencies in XBRL filings. Error-laden XBRL documents are a serious concern for many stakeholders. Many questions have been raised regarding the potential assurance of XBRL filings. These questions include the nature and the level of such assurance, lack of guidance for it, meaning of an error in XBRL filings, materiality, and assurance techniques and procedures. However, no jurisdiction so far has mandated assurance, i.e. auditing, on XBRL filings. The purpose of this master thesis is to investigate the issues surrounding the assurance of financial statements reported in XBRL and the way practitioners and other relevant parties envision and experience, in an XBRL assurance process. The method is a qualitative approach in form of conducting a survey via semi-structured questionnaires. We find that, though technically required to check XBRL filings, the assurance providers generally do not seem very concerned about the potential problems of XBRL assurance, nor do they feel that any drastic change in the assurance process is needed. (Less)
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author
Larsson, Patrik and Kvasnina, Alla
supervisor
organization
year
type
H1 - Master's Degree (One Year)
subject
keywords
Management of enterprises, electronically submitted financial statements, new auditing technology, assurance issues, XBRL, assurance process, Företagsledning, management
language
Swedish
id
2169661
date added to LUP
2010-06-04 00:00:00
date last changed
2012-11-12 11:56:47
@misc{2169661,
  abstract     = {XBRL is an XML based, meta-tagged financial reporting language, which is anticipated to become one single standard for electronic filing of financial statements. Numerous studies have identified errors and inconsistencies in XBRL filings. Error-laden XBRL documents are a serious concern for many stakeholders. Many questions have been raised regarding the potential assurance of XBRL filings. These questions include the nature and the level of such assurance, lack of guidance for it, meaning of an error in XBRL filings, materiality, and assurance techniques and procedures. However, no jurisdiction so far has mandated assurance, i.e. auditing, on XBRL filings. The purpose of this master thesis is to investigate the issues surrounding the assurance of financial statements reported in XBRL and the way practitioners and other relevant parties envision and experience, in an XBRL assurance process. The method is a qualitative approach in form of conducting a survey via semi-structured questionnaires. We find that, though technically required to check XBRL filings, the assurance providers generally do not seem very concerned about the potential problems of XBRL assurance, nor do they feel that any drastic change in the assurance process is needed.},
  author       = {Larsson, Patrik and Kvasnina, Alla},
  keyword      = {Management of enterprises,electronically submitted financial statements,new auditing technology,assurance issues,XBRL,assurance process,Företagsledning,management},
  language     = {swe},
  note         = {Student Paper},
  title        = {Assuring financial statements filed in XBRL – A new technology’s effect on the assurance process},
  year         = {2010},
}