About the book

IF YOU WANT TO LEARN SOMETHING ABOUT BUSINESS reporting in the public or private domain, then this book is for you. It presents a succinct indication as to the purpose and practicality of International Financial Reporting Standards (IFRS) and helps to explain why IFRS are the key priority for private enterprises, as well as governments.

In doing so, IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking provides valuable commentary that captures key components of what is crucial to local, national and international business decision making. In addition, there is the productive linking of emerging technology with the growing acceptance and implementation of IFRS.

Specifically, XBRL (eXtensible Business Reporting Language) is a valuable and industrious partner that gives IFRS a vehicle to deliver financial data in a manner that makes utopian business reporting a tangible reality. As such, those who draft and deliver business reports shall have a rapid and reliable process for preparation, while anyone who uses these reports can make good use of such dependability and timeliness in optimising their decision making.

Given the immense amount of widely dispersed material related to IFRS, as well as XBRL, the authors have applied their extensive skills in condensing an overwhelming flood of associated information into a useful essence. In so doing, they present the origins, structure and necessity of IFRS and XBRL in a systematic, digestible and useful manner.

This book helps interested people to understand what lies behind the correct preparation and presentation of financial statements, and business reports generally, as are used for the benefit of external users, as well as associated public accountability. Furthermore, the authors explore how business reporting can be improved, such as through adding non-financial reporting. Of particular importance is the obvious push for a new paradigm whereby object definitions, tracking and valuation offer considerable benefits to people who produce and rely upon business reports.

Therefore, whether you are a senior executive, standard setter, finance professional, accountant, academic, student, or someone in any other managerial role, this book will give you the means by which to gain an appreciable understanding of IFRS, and XBRL, as well as the basis upon which to pursue additional learning and application in achieving better business reporting ­outcomes.

This is the way forward for any who want to drive change, too.