New opportunities for standardization and integration of financial processes and IT systems

With XBRL – eXtensible Business Reporting Language – data exchange formats for business information, especially financial information, can be defined. How does the XBRL standard relate to the alternative courses of action in the internal financial areas of corporate groups:

• Integration of financial IT systems,
• Standardization of processes, creation of standardized financial IT system landscapes,
• Shared Service Center, and
• Outsourcing?

Does XBRL technology complement these alternative courses of action or does XBRL even open up new possibilities? This scientific article provides an overview of the practical possibilities and potential of XBRL in the internal financial processes of corporate groups.

Read the whole article (German language)

Source: Ramin (IASB)/Kesselmeyer (GCPAS)/Ott (GCPAS), XBRL im Internal Financial Reporting von Unternehmensgruppen – Neue Möglichkeiten für die Standardisierung und Integration von Finanzprozessen und IT-Systemen, KoR Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung (KoR) 3/2006, S. 179-191. Study conducted by XBRL Task Force, German CPA Society (GCPAS).