Abstract
Conflict Resolution (an intervention aimed at alleviating or eliminating electronic discord
through conciliation) as a business theme is more important than ever in todays fast
paced world of e-business and globalization. The significance of an efficient financial
reporting and the Internet in human lives cannot be understated. Investors and users of
the Internet need accurate and reliable financial information that can be delivered
promptly to help them make informed financial decisions. The Internet embodies the
importance of technology, its role in resolving disputes, and its impact on the increasing
globalization of business, information, and culture. XBRL means Extensible Business
Reporting Language. It is an open specification which uses Extensible Markup Language
(XML) based data tags to describe financial statements for both public and private
companies. It uses accepted financial reporting standards and practices to exchange
financial statements across all software and technologies, including the Internet. It is a
twenty-first century digital business reporting language which allows software vendors,
programmers, intermediaries in the information preparation and distribution process and
end users who adopt it as a specification to enhance the creation, exchange, and
comparison of business reporting information. This paper, using the secondary data
methodology approach suitable for large expository research, presents the advent of the
XBRL technology and framework, its history and why it is essential. It reveals the
relationship between XBRL and emerging e-standards, highlights the XBRL as a vital
support for e-business, and showcases the largest XBRL e-government project in the
world. This research finds that XBRL streamlines the financial information supply chain
that includes public and private companies, the accounting profession, data aggregators,
the investment community and all other users of financial statements. Findings also show
that XBRL offers several key benefits like technology independence, full interoperability,
efficient preparation of financial statements and reliable extraction of financial
information. This work recommends that organizations/investors in every industry,
regulatory bodies, professional associations, government, and educational institutions
must embrace the XBRL in order not to suffer obsolescence and uncompetitiveness.
Keywords: Conflict Resolution, XBRL, data aggregators, secondary data methodology,
XML, distribution process.
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