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S firms. Pinsker focused on managers who had little or no previous XBRL knowledge and included MBA students enrolled in the accounting course. The research found that XBRL was perceived to be useful in their jobs. However, favourable attitudes by decision makers did not have an influence on XBRL technology. This research data were collected through semi—structured interviews that involved eleven interviewees from large accounting firms, software developers and vendors, regulatory agencies, XBRL Australia Ltd and tertiary accounting educators.
The research was done in order to determine the driving factors and their inhibitions in the context of environmental, organizational and innovation factors.
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In the environmental contexts, they found few issues from the interviewees. The first category was the local adoption strategy, which found that the lack of effectiveness, flexibility and responsiveness in the local adoption strategy. The second category referred to the limited local XBRL success stories. The local success on XBRL adoption will actually reveal the benefits experienced by adopters and this might be easier for decision makers to decide whether to adopt or not.
Essentials of XBRL
The third category is the design of the accounting standards, where the priority lies with the International Accounting Standard IAS. In an organizational context, researchers found two important categories. Firstly, employees need to be educated on the basic understanding of the functionality and benefits of XBRL. They also need to be fluent in using the applications on XBRL.
Secondly, interviewees had raised the issue of limited resources, which involved time, expertise and funding that was required for developmental efforts. The last context is innovation factors, which involved limited software tool support and the instability of the XBRL specification.
Firstly, interviewees touched on the issue of limited software tools on XBRL, which were in dire need by potential adopters. Secondly, the interviewees were of the view that XBRL specifications need to be stable with no changes, in order to ensure the stability and smooth running of the software.
They carried out exploratory research through qualitative evidence that was in line with the technology-organization environment model. In their study, the first context involved was technology.
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Based on relative advantage, they found that XBRL was beneficial to software vendors and professional accounting firms. Complexity was the second context the researchers had found. Researchers found that specialized tasks and knowledge were required in order to develop specific taxonomies and tagging of financial data. Thirdly, researchers had found trialability, which is one way to reduce uncertainty when trying out a new application. Observability means that potential adopters will be interested in knowing about XBRL application and to determine whether XBRL is suitable according to the needs of the organization when they observe the readily available software.
The last element that can influence the decision to adopt under the first context is stability. Here, potential adopters had mentioned about the stability of software tools and applications, especially the changes of specification and functionality. Another context is organization. They found that innovation and organizational readiness were able to influence the decision to adopt XBRL. The third context is environment.
The first element in this context is market conditions, whereby market size will have an influence on XBRL. Second is the influence of trading partners. Researchers found that business partners were perceived to be part of a potential influence on organizations in relation to XBRL adoption. Third, the available information about XBRL and its benefits are crucial in increasing the awareness of new reporting technology in potential adopters.
Fourth, researchers found that one of the reasons why there were limited XBRL adoptions in Australia was because of the lack of critical mass of XBRL applications, software tools and users. Interviewees claimed that software vendors were reluctant to invest time and resources into developing XBRL exporting facilities until there was a demand. The last element in the environment context is available support. The development of taxonomies depends on the accounting standards and format used. The taxonomies will change if the accounting standards keep changing.
The development of XBRL must be in line with the harmonization of accounting standards.
S pertaining to XBRL adoption. The purpose of the study was to improve the knowledge and understanding pertaining costs and benefits of XBRL adoption. The study found that the benefits accrued to XBRL adoption were the diversification of international corporate cultures, increased processing capability, reduced data redundancy, improved operation efficiency, reduced costs of bookkeeping, reduced time needed for generating financial statements, increased company efficiency due to lower operating costs, reduction in cost of adoption resulting from substantive technological capabilities and reduction in perceived risks of capital provision due to lower costs.
Besides that, XBRL adoption is a key marketing tool used by companies to reach potential investors. In post adoption, respondents would view risks and costs as low and a reflection of them as being technically savvy early adopters. Besides, the study also mentioned that transparency in financial reporting increases the level of transparency in the organization. Regarding financial reports, most of the respondents believed that the XBRL should be voluntary, with no government involvement; however, auditors preferred XBRL to be mandatory within 2 years.
In reference to non-financial reports, tax filing and stock exchange listing announcements, XBRL should be voluntary with no involvement of regulators or the government. The study also investigated the respondents training experience on XBRL and found only four respondents had experienced in-house training and CPD requirements. Thus, training provided to stakeholders is relevant in improving their level of awareness, understanding and knowledge.
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The study also found other reasons such as potential adopters not having the necessary technical knowledge The study found that approximately Henderson, et. Researchers had found that the factors for internal adoption were different compared to factors for inter-organizational XBRL adoption. This study carried out a survey comprising 65 organizations that had not adopted XBRL. The study found that relative advantage, compatibility, complexity and learning from external sources were factors that instigated the decision to adopt XBRL in an internal organization.
However, learning from external sources and normative pressure had shown a significant effect in inter-organizational adoption. Thus, the study had concluded that relative advantage, compatibility and complexity had stronger influence on internal XBRL adoption compared in inter-organizations.
Most of the research had come out with a few factors that might influence XBRL adoption.
Essentials of XBRL: Financial Reporting in the 21st Century - Bryan Bergeron - Google Books
Thus, it is important to ensure which factors that might significantly influence XBRL adoption. In a recent study by Liu , the researchers had encouraged more research be carried out on the role of environmental factors pertaining to national cultures and financial regulatory environments in XBRL diffusion. The study had also motivated other researchers to carry out research on contingent factors such as organizational, cultural or financial regulatory factors that could influence value realization due to XBRL adoption.
In the beginning, researchers had done a short semistructured interview focusing on the relevance of implementing XBRL in Malaysia and the respondents were also required to provide feedback via a set of questionnaires. The researchers believed that all stakeholders were relevant and should be respondents in the research by providing feedback on the awareness, interest, understanding and adoption of XBRL.
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