XBRL benefits, challenges and adoption in the US and UK: Clarification of a future research agenda

The growing use of XBRL (eXtensible Business Reporting Language) in recent years for various purposes, such as reporting to shareholders, filing with stock exchange regulators, for decision-making and taxation purposes, has lead to an increased interest in this area. This paper provides an exploratory analysis of the benefits and challenges of XBRL; its adoption in the US and UK; and provides some directions for further research. It finds that, the pace of XBRL adoption across countries and industries varies. XBRL is widely used in the financial services sector, as compared to other sectors. While some regulators have encouraged companies to use XBRL, not all are convinced about its potential benefits and as a result their support is varied. This paper highlights several areas for research at the macro, country and industry level and the micro company level. It is argued that better integration of XBRL practices, through support from the different members of the financial community, is required to make XBRL flourish.