Optimizing Financial Reporting Efficiency: An Exploration of XBRL Reporting

An electronic tool with a widely recognized standard to exchange electronic financial data is called Extensible Business Reporting Language (XBRL), compile, analyze and share them among stakeholders. Since 2010, XBRL has been widely adopted worldwide. Online reporting has become widespread, now 82% of Egypt's top 100 listed businesses offer a range of financial disclosures online but when reports are published using XBRL Taxonomy, this will lead to the accuracy of financial information in publishing in line with international standards. The study intends to investigate the utilization of XBRL taxonomy to ensure that financial reports are issued in accordance with international standards. This paper presents an overview of XBRL and its global utilization. The XBRL taxonomy known as IFRS (International Financial Reporting Standards) is outlined. Finally, this paper explores how XBRL taxonomy can enhance the quality of financial reporting.