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XBRL Implementation in the Banking Sector in Montenegro

Author

Listed:
  • Vladan Martić

    (Montenegro Business School, Mediterranean University)

  • Ana Lalević-Filipović

    (Faculty of Economics, University of Montenegro)

  • Milivoje Radović

    (Faculty of Economics, University of Montenegro)

Abstract

The EXtensible Business Reporting Language – XBRL appeared in the beginning of the 21st century and it represents one of the most important technological innovations in financial reporting, collecting and exchanging data since the introduction of electronic spreadsheets. However, although the XBRL standard is globally accepted, and it has been proved to be a standard sui generis, the implementation of the standard has not yet become a reality in Montenegro and the region. In this context, the goal of this article is to evaluate a new and, for our conditions unexplored, area from the point of application of modern methods of accounting theory and practice, highlighting both positive and negative aspects. This research is getting prominence having in mind that the EU integration process which Montenegro has already started would affect all areas of socioeconomic life and development, especially in terms of accounting practices harmonization.

Suggested Citation

  • Vladan Martić & Ana Lalević-Filipović & Milivoje Radović, 2017. "XBRL Implementation in the Banking Sector in Montenegro," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 6(2), pages 5-22.
    • Handle: RePEc:cbk:journl:v:6:y:2017:i:2:p:5-22
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    More about this item

    Keywords

    XBRL; financial reporting; digitalization; Internet; accounting standards; management; company; stakeholders; globalization.;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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