Effects of XBRL On Efficiency and Transparency of Financial Reporting in Banking Sector
Abstract
This study examines the effects of extensible Business Reporting Language on the efficiency and transparency of financial reporting in the banking sector. XBRL is a digital language that enables the tagging of financial data, making it easier to analyze and compare. The study used both descriptive and inferential statistical analysis methods to investigates the impact of XBRL adoption on financial reporting efficiency and transparency in a sample of listed banks in Nigeria. The study analysed data collected from survey questionnaire and financial statement of the selected banks. The data was analyzed using statistical tools. The results show that XBRL adoption has a significant positive impact on financial reporting efficiency, reducing reporting time and costs, and improving data accuracy. Additionally, the study finds that XBRL adoption enhances financial reporting transparency, increasing comparability, and facilitating investor decision-making. The study also identifies key challenges faced by banks in implementing XBRL, including technical difficulties, high implementation costs, and limited stakeholder awareness. The findings of this study have implications for policymakers, regulators, and stakeholders in the banking sector, highlighting the need for continued support and guidance to ensure the effective implementation of XBRL and improved financial reporting efficiency and transparency.
Keywords
References
More Articles from JOURNAL OF BUSINESS AND AFRICAN ECONOMY
Author: i, Okolie, Romanus Onyeisi, ii, Emeter Patrick Okechukwu, iii, Aduba Paul Nnamdi, iv, Eneaniofu Daniel Mmaduakonam, v, Okwor Emmanuel Ejimnkonye
Author: Akande, Folashade Adebisi, Ibojo, Bolanle O. PhD, Akinruwa, Temitope E. PhD
Author: Adeleke, Saheed Abiodun, Adedipe Oluwaseyi Ayodele Ph.D
Author: Ebidouwei Jones and Peter E. Ayunku
Author: Egbuho, Chika Anthonia, Njoku, Kevin Chinaka. Isukul, Araniyar. Chinedu.
