A Research On Improvement Of The EXtensible Business Reporting (XBRL) Taxonomy

As the rapid development of information technology especially network technology and the important role of financial information in various decision-makings, the production of the Internet financial reports is necessary. More and more enterprises are starting to disclose financial information on their website. However, some of the data formats of these disclosures are unstructured, the information need will encounter many difficulties in querying, accessing, exchanging, analyzing financial information required. At the same time, most enterprises have also applied various types of software management systems, including financial management systems, of which, these systems often create data in different format, unable to be realized using the free flow of internal information. XBRL (The eXtensible Business Reporting Language) that is based on XML has made the standardization of the Internet Financial Reports available, and made the gain, exchange and reuse of the financial information become more and more faster. The worldwide accounting researchers, governments, accountants, soft companies and information users are very interested about it, and the give a lost efforts to research, to explore and to make it available in the scope of the world. Presently, the application of XBRL focuses on the development of XBRL taxonomies and specific applications. In this context, the purpose of this paper is researching on XBRL and XBRL Taxonomy Application at home and abroad, and suggesting improvements of XBRL and XBRL taxonomy which are consistent with Chinese national conditions.The paper is divided into five parts, each part as follows:The first part:introduction. The paper mainly introduces the research background and meanings, reviews of XBRL and XBRL taxonomy, direction of research and methods, the framework of the thesis.The second part:overview of XBRL and XBRL Taxonomy. This part includes four sections:overview of XBRL, advantages of XBRL, overview of XBRL Taxonomy and the impact of XBRL on accounting theory and practice.The third part describes the XBRL and XBRL taxonomy applications in an international view. This part includes four sections:application in XBRL international, application in U.S.A., application in Europe, other international applications.The forth part:Analysis of XBRL and XBRL Taxonomy application in China. firstly, showing the applications of the current status of XBRL in China from Shanghai Securities Exchange and Shenzhen Stock Exchange. Secondly, comparing the existing Chinese taxonomies, which include electronic specification of listed companies' information disclosure, China Listed Company Information Disclosure Taxonomy, China fund company Information Disclosure Taxonomy and the common XBRL taxonomy. At last, raising the problems of XBRL and XBRL Taxonomy in China, including the imperfect correlative theoretical basis of XBRL, lack of unified XBRL Taxonomy, the problems of Financial Information Security, lack of the XBRL evaluation.The fifth part:the improvements of the Chinese XBRL and XBRL taxonomy, including enhance the research on the theory of XBRL in China, constructing the common XBRL taxonomy, establishment of the integrated multi-level information security system and establishing and improving the evaluation system of XBRL and XBRL taxonomy.The main contributions of this paper are:this paper introduced the international application of XBRL, which conducted a comprehensive description and analysis of the XBRL system; comprehensive analysis and comparison of the existing taxonomies in China is pointed out, and then put forward ideas and suggestions that we establish our own XBRL and XBRL taxonomy.