Abstract:

Today, information technology has a significant and inevitable role in providing and distributing high-quality information for assessing business security and performance. In that context XBRL, eXtensible Business Reporting Language, is particularly important. As the numerous international regulators recognise the role and the importance of XBRL, the aim of this paper is to explore its fundamental features, advantages and limitations regarding the implementation of XBRL language of financial reporting. Therefore, the paper will provide comprehensive literature review regarding the use of XBRL language and a comparative analysis of the use of XBRL's financial reporting language in selected European countries. The objective of the research will include an analysis of the role and significance of the latest information technology with particular emphasis on the XBRL language and trends regarding to the XBRL financial reporting language. All financial reporting users should be aware of this important technology for exchanging and publishing financial information. Therefore, the results of the research should provide useful information about the XBRL language to the organizations, regulators, analysts, as well as the entire professional and scientific community.