<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Background:</bold> Harmonization and standardization is becoming important among regulators and business community. XBRL has entered the global stage as a financial reporting standard. Its mission was to standardize the financial reporting, lower the reporting costs and make the reporting as transparent as possible.<bold>Objectives:</bold> The goal of the paper is to review the current usage of XBRL as a standard worldwide and to give an overview of its current state and perspectives in Croatia.<bold>Methods/Approach:</bold> The secondary research method for examining XBRL as a standard has been applied in this work.<bold>Results:</bold> The European Union embraced XBRL as the only standard that will be used for mandatory financial reporting and as such it is implemented in EU legislation. Croatia is a new member state and XBRL usage, which is still limited in Croatia, presents one of the country’s challenges.<bold>Conclusions:</bold> XBRL is the new standard for financial reporting that has had its place and usage in practice for several years now. It is adopted as a mandatory reporting standard in in most countries of the world, but not without barriers.</abstract>

Background: Harmonization and standardization is becoming important among regulators and business community. XBRL has entered the global stage as a financial reporting standard. Its mission was to standardize the financial reporting, lower the reporting costs and make the reporting as transparent as possible.Objectives: The goal of the paper is to review the current usage of XBRL as a standard worldwide and to give an overview of its current state and perspectives in Croatia.Methods/Approach: The secondary research method for examining XBRL as a standard has been applied in this work.Results: The European Union embraced XBRL as the only standard that will be used for mandatory financial reporting and as such it is implemented in EU legislation. Croatia is a new member state and XBRL usage, which is still limited in Croatia, presents one of the country’s challenges.Conclusions: XBRL is the new standard for financial reporting that has had its place and usage in practice for several years now. It is adopted as a mandatory reporting standard in in most countries of the world, but not without barriers.

XBRL Standard for Financial Reporting in Croatia: Current State and Perspectives

Zagreb School of Economics and Management, Zagreb, Croatia

Business Systems Research Journal

This chapter is distributed under the terms of the Creative Commons Attribution 4.0 Public License.

{"article-title":"XBRL Standard for Financial Reporting in Croatia: Current State and Perspectives"}

Background: Harmonization and standardization is becoming important among regulators and business community. XBRL has entered the global stage as a financial...

XBRL Standard for Financial Reporting in Croatia: Current State and Perspectives

Published Online: Oct 20, 2015

Page range: 31 - 40

Received: May 11, 2015

Accepted: Jul 23, 2015

DOI: https://doi.org/10.1515/bsrj-2015-0009

Keywords
eXtensible Business Reporting Language (XBRL), extensible markup language (XML), financial reporting standard, financial information, Europe, Croatia, perspectives

© 2015 Dejan Gostimir, published by De Gruyter Open

This chapter is distributed under the terms of the Creative Commons Attribution 4.0 Public License.

XBRL Standard for Financial Reporting in Croatia: Current State and Perspectives

Published Online: Oct 20, 2015

Page range: 31 - 40

Received: May 11, 2015

Accepted: Jul 23, 2015

DOI: https://doi.org/10.1515/bsrj-2015-0009

KeywordseXtensible Business Reporting Language (XBRL), extensible markup language (XML), financial reporting standard, financial information, Europe, Croatia, perspectives

© 2015 Dejan Gostimir, published by De Gruyter Open

This chapter is distributed under the terms of the Creative Commons Attribution 4.0 Public License.

Keywords
eXtensible Business Reporting Language (XBRL), extensible markup language (XML), financial reporting standard, financial information, Europe, Croatia, perspectives