Research On The Problems And Improvements Of XBRL Financial Report Of Z Company

We live in the information age that economic rapidly develops.As one of business resource,accounting information is of great significance as it could be used by enterprises'manager to make decisions,or to provide information for potential investors,regulators and other external information users.As the carrier of accounting information,financial reports reflect financial situation,operating and cash flow information of the enterprises.However,the quality of accounting information is challenged and the financial cost is increased due to the expansion of economic scale,the complexity of commercial transactions,the ambiguity of the financial subject boundary and the different financial policies among countries.In 1998,American accountant Charles Hoffman proposed the XBRL(Extensible Business Reporting Language)concept,which refers to the combination of financial accounting and computer language.Compared with traditional financial reports,XBRL financial reports,which providing theory and technical support in improving the quality of financial reports,can achieve confirmation,recording,measurement,reporting automatically,and solving the problems that caused by different technology system and accounting policy issued among countries.Company Z is an international listed enterprise in oil and gas industry,which shares a significant potion in the country's import and export trade,oil and gas consumption occupies an absolute position.The quality of the Z's financial reports has a significant impact on potential investors' decision-making,corporate development,the oil and gas industry,and even China's global capital markets.Z has a sound internal governance,internal control system and financial information system and it is the first to participate in the Ministry of Finance Accounting Division XBRL experimental pilot enterprises.There is a small possibility of company fraud and because of its advanced technology of XBRL,company Z's XBRL financial report is representative.By analyzing the XBRL financial report of Z Company,this paper argues that although the implementation of XBRL is theoretically conducive to improving the quality of accounting information,it is weakened by the current technology,imperfect policy and lack of compound talents,and ultimately weaken the quality of accounting information.In addition,due to the imperfect construction of XBRL,XBRL financial reporting can not achieve the automatic conversion and analysis of data.