Unlocking Business Insights with XBRL: Leveraging Digital Tools for Financial Transparency and Efficiency

Authors

  • Vamsi Krishna Yarlagadda Software Developer Lead, Marvel Technologies, 28275 Telegraph Rd, Southfield, MI 48034, USA
  • Sai Sirisha Maddula Advanced Software Engineer, Honeywell International Inc., N.E., Atlanta, GA 30308, USA
  • Dipakkumar Kanubhai Sachani Business Analyst, Arth Energy Corporation, Pittsburgh, Pennsylvania, USA
  • Kishore Mullangi Staff Site Reliability Engineer, Visa Inc., Austin, TX, USA
  • Sunil Kumar Reddy Anumandla Software Engineer, Appsboat Inc., Farmington Hills, MI, USA
  • Bhavik Patel PCB Design Engineer, Innovative Electronics Corp, Pittsburgh, PA, USA

Keywords:

XBRL, Business Insights, Financial Transparency, Digital Tools, Financial Reporting, Data Standardization, Corporate Governance

Abstract

This study investigates how digital tools and eXtensible business reporting language (XBRL) might improve operational efficiency and financial transparency. The study's primary goals are to determine how adopting XBRL affects financial transparency, analyze how well digital tools enhance operational effectiveness, pinpoint opportunities and obstacles in adopting XBRL, and suggest policy recommendations for stakeholders and policymakers. This study synthesizes current literature and data sources to examine the role of digital technologies and XBRL in financial reporting procedures using a secondary data-based review technique. Key conclusions show how XBRL contributes to operational effectiveness, financial transparency, implementation obstacles, and potential development. Policy implications include strengthening data quality assurance systems, aiding small and medium-sized businesses (SMEs) in implementing XBRL, encouraging standardization and interoperability, fostering cooperation and information exchange, and offering regulatory assistance and direction. The study's findings highlight the significance of digital technologies and XBRL in promoting operational efficiency, advancing financial transparency, and opening corporate insights into contemporary business processes.

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Published

2020-12-31

How to Cite

Yarlagadda, V. K., Maddula, S. S., Sachani, D. K., Mullangi, K., Anumandla, S. K. R., & Patel, B. (2020). Unlocking Business Insights with XBRL: Leveraging Digital Tools for Financial Transparency and Efficiency. Asian Accounting and Auditing Advancement, 11(1), 101–116. Retrieved from https://4ajournal.com/article/view/94

Issue

Vol. 11 No. 1 (2020): January - December

Section

Articles

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