Phillip Kloeden

Abstract

A brief overview of the origins of modern accounting are examined with it’s genesis in the Italian Renaissance. During this time period, trade and commerce expanded and new methods for tracking and recording transactions became necessary. Double entry bookkeeping was first documented by Luca Pacioli in 1458. Innovative Italian merchants and scholars of this time period have become known as the fathers of modern accounting. eXtensible Business Reporting Language (XBRL) is currently the revolutionizing concept in the modern accounting world. Originally, known as Extensible Financial Reporting Markup Language (XFRML) in 1998, it was a prototype language created by the early users of eXtensible Markup Language (XML). The origins of XBRL will be examined in greater detail as the paper progresses, as well as, some of the underlying framework regarding the coding structure and technologies. The implementation of XBRL in industry will be addressed and how it is compared to any new technology in respect to market adoption and timeliness. The Technology Adoption Curve allows for one to estimate which stage and what time frame is associated with widespread acceptance and utilization. Taxonomies add complexity to the process, but cost savings and data accuracy and reliability are benefits derived via XBRL adoption and implementation. The acceptance of XBRL within the U.S. and throughout the world will be evaluated. The variance in accounting principles and the standardization of XBRL codes are vital variables to be examined. The XBRL movement is already underway throughout the world and certain data will be examined reflecting this trend of acceptance and usage. The XBRL progress within the U.S. will also be examined, including the SEC’s current view on reporting in XBRL format.

Publication Date

2006

Comments

Note: imported from RIT’s Digital Media Library running on DSpace to RIT Scholar Works in February 2014. Faculty sponsor: Karim, Khondkar

Document Type

Article

Department, Program, or Center

Accounting (SCB)

Campus

RIT – Main Campus

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