Digitalization and Assurance of IFRS Financial Reports

38 Pages Posted: 28 May 2021 Last revised: 9 Feb 2022

See all articles by Dirk Otto Beerbaum

Dirk Otto Beerbaum

Frankfurt School of Finance & Management; Aalto University - Department of Accounting and Finance; Aalto University - School of Business

Keith Duncan

Bond University - Accounting

Ray McNamara

James Cook University, College of Business Law & Governance

Seppo Ikaheimo

Aalto University - Department of Accounting and Finance; Aalto University

David Derichs

Aalto University

Date Written: May 27, 2021

Abstract

We investigate if additional customized disclosure increases transparency or opacity for firms from IFRS reporting jurisdictions that adopt digitized financial statement filing. We identify the major data items that require customized extensions (firm specific) with digitized IFRS financial data and the deviations occurring in current implementations of digitalized data (XRBL lodgment). The findings have implications for regulators in determining the form and nature of extensions to allow, practitioners in preparing and coding digitized financial statements, and changes in auditing and the assurance of digitized financial statements.

Keywords: XBRL, IFRS Taxonomy, Structured data, Information Assurance, Auditing digital reports, Customized Extensions Elements, Information asymmetries

JEL Classification: M1

Suggested Citation

Beerbaum Dr., Dirk Otto and Duncan, Keith R. and McNamara, Ray and Ikaheimo, Seppo and Ikaheimo, Seppo and Derichs, David, Digitalization and Assurance of IFRS Financial Reports (May 27, 2021). Available at SSRN: https://ssrn.com/abstract=3855045 or http://dx.doi.org/10.2139/ssrn.3855045

Dirk Otto Beerbaum Dr. (Contact Author)

Frankfurt School of Finance & Management ( email )

Adickesallee 32-34
Frankfurt am Main, 60322
Germany

Aalto University - Department of Accounting and Finance ( email )

P.O. Box 1210
Helsinki, 00100
Finland

Aalto University - School of Business ( email )

Finland

Keith R. Duncan

Bond University - Accounting ( email )

Gold Coast, QLD 4229
Australia
07 55952238 (Phone)

Ray McNamara

James Cook University, College of Business Law & Governance ( email )

James Cook Drive
Douglas
Townsville, QLD 4810
Australia
+61 7 43733355 (Phone)

Seppo Ikaheimo

Aalto University ( email )

P.O. Box 21210
Helsinki, 00101
Finland

Aalto University - Department of Accounting and Finance ( email )

P.O. Box 21210
Aalto, 00076
Finland
+ 358 50 505 4990 (Phone)
+ 358 9 43 138 678 (Fax)

David Derichs

Aalto University ( email )

Ekonominaukio 1
Espoo, 02150
Finland

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