Relevance of XBRL implementation in the Russian Federation

The existing reporting, modern methods of its collection and processing, analytical work, and supervision are constantly being developed and improved. The article describes the need and procedure for compiling reports in the XBRL format, the principle of its operation. The XBRL standard is developed by XBRL International, Inc. for the exchange of business information between business systems. Currently, XBRL is used in many countries by stock exchange and securities market regulators, banking regulators, registrars, tax authorities, and national statistical agencies. The standards are most widely used in the United States, where since 2008, public companies have published reports in the XBRL format. The main purpose of implementing XBRL was to provide the ability to process financial reports with a computer program to facilitate the analysis of these reports for investors. However, disputes over the effectiveness of this project continue to this day. It can be argued that only in some cases, the analysis of XBRL reports is more convenient for the investor (for example, if you need to quickly analyze many companies or quickly compare two arbitrary companies), and this is confirmed by research. The article discusses the advantages and disadvantages of using the XBRL language for electronic exchange of business and financial data, and considers the relationship between the elements in the reporting.