eXtensible Business Reporting Language Data Assurance Challenges and Strategic Approaches: A Study in the Malaysian Business Reporting System Context

Document Type : Research Paper

Authors

1 Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Malaysia; Department of Accounting, Universiti Kuala Lumpur Business School, Malaysia.

2 Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Malaysia; Faculty of Business, Sohar University, Oman.

3 College of Business Administration, Universiti Tenaga Nasional, Malaysia.

4 Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Malaysia.

5 Department of Accounting, Universiti Kuala Lumpur Business School, Malaysia.

Abstract

The eXtensible Business Reporting Language (XBRL) functions as an independent, open platform that facilitates efficient information transmission over the Internet, improving business information utilization. Despite its widespread adoption and numerous benefits, unresolved assurance issues undermine its effectiveness, revealing a significant research gap. This study explores the complex landscape of XBRL data assurance challenges within the Malaysian Business Reporting System (MBRS). Utilizing a qualitative case study methodology, the research highlights key challenges in XBRL data assurance and presents strategic, innovative solutions. Through semi-structured interviews and document analysis, insights from diverse stakeholders are captured, revealing the development of artificial intelligence-enhanced audit software aimed at improving the quality of XBRL filings in Malaysia. Despite its potential, awareness of this advanced software among preparers remains disappointingly low. This research serves as a valuable resource for practitioners and researchers, offering an in-depth analysis of XBRL data assurance challenges and pioneering solutions, thereby making a significant contribution to this critical field.

Keywords

References

Ahmi, A., Herry, M., & Nasir, M. (2019). Examining the trend of the research on extensible business reporting language (XBRL): A bibliometric review. International Journal of Innovation, Creativity and Change, 5(2).
Alkhatib, E., Ojala, H., & Collis, J. (2019). Determinants of the voluntary adoption of digital reporting by small private companies to Companies House: Evidence from the UK. International Journal of Accounting Information Systems, 34, 100421. https://doi.org/10.1016/j.accinf.2019.06.004
Alsharayri, M. A., & Al-Arabiat, M. A. (2021). The expected impact of using extensible business reporting language on financial information quality in Jordanian banks. Academy of Accounting and Financial Studies Journal, 25(5).
Aman, A. (2021). Sustainability of impact sourcing initiatives in higher education for graduates’ employability. Sustainability, 13(1), 1–11. https://doi.org/10.3390/su13010008
Aman, A., & Kasimin, H. (2011). E-procurement implementation: A case of Malaysia government. Transforming Government: People, Process and Policy, 5(4), 330–344. https://doi.org/10.1108/17506161111173586
Aman, A., & Mohamed, N. (2017). The implementation of cloud accounting in the public sector. Asian Journal of Accounting and Governance, 8(Special Issue), 1–6. https://doi.org/10.17576/ajag-2017-08si-01
Boritz, J. E., & No, W. G. (2008). The SEC’s XBRL voluntary filing program on EDGAR: A case for quality assurance. Current Issues in Auditing, 2(2), A36–A50. https://doi.org/10.2308/ciia.2008.2.2.a36
Corbin, J., & Strauss, A. (1995). Basics of qualitative research.
Creswell, J. W. (2013). Qualitative inquiry & research design: Choosing among five approaches. SAGE.
Debreceny, R., Scarlata, A. N., & Stone, D. N. (2020). Knowledge and skills in complex assurance engagements: The case of XBRL. Journal of Information Systems, 34(1), 21–45. https://doi.org/10.2308/isys-52461
Farewell, S., & Pinsker, R. (2015). Does assurance on XBRL-derived financial statements impact the decisions of nonprofessional investors? Management Accounting Quarterly, 16(3), 13–21.
Fernandez, D., & Aman, A. (2018). Impacts of robotic process automation on global accounting services. Asian Journal of Accounting and Governance, 9(March 2019), 123–132. https://doi.org/10.17576/ajag-2018-09-11
Fernandez, D., & Aman, A. (2021). The challenges of implementing robotic process automation in global business services. International Journal of Business and Society, 22(3), 1269–1282. https://doi.org/10.33736/ijbs.4301.2021
Fernandez, D., Dastane, O., Omar Zaki, H., & Aman, A. (2024). Robotic process automation: Bibliometric reflection and future opportunities. European Journal of Innovation Management, 27(2), 692–712. https://doi.org/10.1108/EJIM-10-2022-0570
Geijtenbeek, W. (2017). How about assurance? 18th XBRL Europe Day.
Hoitash, R., Hoitash, U., & Morris, L. (2020). eXtensible Business Reporting Language: A review and implications for future research. Forthcoming in Auditing: A Journal of Practice and Theory.
Hoitash, R., Hoitash, U., & Morris, L. (2021). eXtensible Business Reporting Language (XBRL): A review and implications for future research. Auditing: A Journal of Practice & Theory, 40(2), 107–132. https://doi.org/10.2308/AJPT-2019-517
Ilias, A., Ghani, E. K., & Azhar, Z. (2021a). XBRL adoption process in Malaysia using diffusion of innovation theory. Journal of Asian Finance, Economics and Business, 8(2), 263–271. https://doi.org/10.13106/jafeb.2021.vol8.no2.0263
Ilias, A., Ghani, E. K., & Azhar, Z. (2021b). XBRL adoption in Malaysia: A way forward for SMPs. Accountants Today, MIA, 1–4.
Ilias, A., Ghani, E. K., Baidi, N., & Rahman, R. A. (2020). XBRL adoption: An examination on the Malaysian Business Reporting System (MBRS). Humanities and Social Sciences Letters, 8(2), 202–214. https://doi.org/10.18488/journal.73.2020.82.202.214
Kasimin, H., Aman, A., & Mohd Noor, Z. (2013). Using evaluation to support organizational learning in e-government systems: A case of Malaysia government. International Journal of Electronic Government Research, 9(1), 45–64.
Lidia, M. (2020). The development of a new digital business reporting standard – Inline XBRL.
Miles, M. B., Huberman, A. M., & Saldana, J. (2015). Qualitative data analysis: A methods sourcebook (4th ed.). SAGE.
Mousa, R., & Pinsker, R. (2020). A case study of XBRL implementation and development at the Federal Deposit Insurance Corporation (FDIC). Qualitative Research in Accounting & Management, 17(1), 1–24. https://doi.org/10.1108/QRAM-12-2018-0096
Patton, M. Q. (2002). Two decades of developments in qualitative inquiry: A personal, experiential perspective. Qualitative Research and Evaluation Methods. https://doi.org/10.1186/s40854-016-0049-2
Perdana, A. (2016). Current XBRL state and future research agenda.
Perdana, A., Robb, A., & Rohde, F. (2019). Textual and contextual analysis of professionals’ discourses on XBRL data and information quality. International Journal of Accounting and Information Management, 27(3). https://doi.org/10.1108/IJAIM-01-2018-0003
Plumlee, R. D., & Plumlee, M. A. (2008). Assurance on XBRL for financial reporting. Accounting Horizons, 22(3), 353–368. https://doi.org/10.2308/acch.2008.22.3.353
Srivastava, R. P., & Kogan, A. (2010). Assurance on XBRL instance document: A conceptual framework of assertions. International Journal of Accounting Information Systems, 11(3), 261–273. https://doi.org/10.1016/j.accinf.2010.07.019
SSM. (2020). DIALOG TAHUNAN SSM 2020.
Trites, G. (2010). Discussion of “Assurance on XBRL instance document: A conceptual framework of assertions.” International Journal of Accounting Information Systems, 11(3), 279–281. https://doi.org/10.1016/j.accinf.2010.07.021
Uyob, R., Ku Bahador, K. M., & Noh, N. S. (2019). Application of Technology Acceptance Model (TAM) in predicting user intention to use Malaysian Business Reporting System (MBRS): A conceptual paper. Journal on Technical and Vocational Education (JTVE), 4(2).
Uyob, R., Ku Bahador, K. M., & Saad, R. A. J. (2023). Integrating technology acceptance model with diffusion of innovation theory: An empirical investigation of the usage behaviour of XBRL-based Malaysia business reporting system. Accounting Research Journal. https://doi.org/10.1108/ARJ-02-2023-0063
Yin, R. K. (2003). Case study research design and methods (3rd ed.). SAGE. https://doi.org/10.1300/J145v03n03_07
Zailani, N. H. (2018). Complying with the new Malaysian Business Reporting System. Accountants Today, MIA, 1, 2–5. https://www.at-mia.my/2018/12/18/complying-with-the-new-malaysian-business-reporting-system/
Journal of Information Technology Management
Volume 16, Issue 3
2024
Pages 173-191

Files

Share

How to cite

Statistics