XBRL: Improving transparency and monitoring functions of corporate governance

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By this author: Roohani, Saeed ;&nbsp; Furusho, Yuji ;&nbsp; Koizumi, Makoto

Authors: Roohani, Saeed; Furusho, Yuji; Koizumi, Makoto

Source: International Journal of Disclosure and Governance, Volume 6, Number 4, November 2009 , pp. 355-369(15)

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Abstract:

Corporate governance of a large company is complex, and subject to many laws and regulations. Recently, regulators, professional organizations and financial reporting standards setters around the globe have looked at XBRL (eXtensible Business Reporting Language) and interactive data as a way of promoting the transparency of financial information and monitoring of corporate reporting. This article discusses how XBRL in the business reporting supply chain contributes to transparency and monitoring, two principles of corporate governance. In the context of financial and business reporting, this article argues that a comprehensive corporate governance takes place at all levels of hierarchy in the organization and in all divisions of responsibility, and that XBRL can help bring about such a comprehensive governance system. In addition, XBRL would facilitate the delivery of corporate governance information/reports to internal as well as external users. This could be characterized as an end-to-end system of corporate governance. This article discusses some specific cases/applications of XBRL in corporate governance, including a comprehensive model of XBRL-based corporate governance at Fujitsu. Overall, the article suggests that XBRL is capable of meeting the expectations of corporate governance reporting.

Document Type: Research article

DOI: http://dx.doi.org/10.1057/jdg.2009.17

Publication date: 2009-11-01