eXtensible Business Reporting Language (XBRL) represents a standard format for exchanging business information which is capable of narrowing the reporting gap between public companies, regulators, and interested members of society (i.e., banks, investors, etc.). Through the use of tags, XBRL provides a standard language for reporting both financial and nonfinancial information not previously seen in the reporting environment, across different software applications. As a result, interested stakeholders can gain access to public information much more quickly and transparently than ever before. The current paper reports the corporate and regulatory usage of XBRL, as well as its potential impacts on various stakeholders. The paper also discusses the potential significant cost savings resulting from XBRL usage. Evidence indicates that worldwide XBRL usage would result in significant efficiency and data access gains to capital market participants, as well as labor unions and regulators.

Creative Commons License

Creative Commons Attribution 3.0 License
This work is licensed under a Creative Commons Attribution 3.0 License.

Publication Date

Fall 2005


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

Document Type


Department, Program, or Center

Accounting (SCB)


RIT – Main Campus