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XBRL and open data for global financial ecosystems: A linked data approach

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  • O'Riain, Seán
  • Curry, Edward
  • Harth, Andreas

Abstract

Information professionals performing business activity related investigative analysis must routinely associate data from a diverse range of Web based general-interest business and financial information sources. XBRL has become an integral part of the financial data landscape. At the same time, Open Data initiatives have contributed relevant financial, economic, and business data to the pool of publicly available information on the Web but the use of XBRL in combination with Open Data remains at an early state of realisation. In this paper we argue that Linked Data technology, created for Web scale information integration, can accommodate XBRL data and make it easier to combine it with open datasets. This can provide the foundations for a global data ecosystem of interlinked and interoperable financial and business information with the potential to leverage XBRL beyond its current regulatory and disclosure role. We outline the uses of Linked Data technologies to facilitate XBRL consumption in conjunction with non-XBRL Open Data, report on current activities and highlight remaining challenges in terms of information consolidation faced by both XBRL and Web technologies.

Suggested Citation

  • O'Riain, Seán & Curry, Edward & Harth, Andreas, 2012. "XBRL and open data for global financial ecosystems: A linked data approach," International Journal of Accounting Information Systems, Elsevier, vol. 13(2), pages 141-162.
    • Handle: RePEc:eee:ijoais:v:13:y:2012:i:2:p:141-162
    DOI: 10.1016/j.accinf.2012.02.002
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    References listed on IDEAS

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    1. Bonsón, E. & Cortijo, V. & Escobar, T., 2009. "Towards the global adoption of XBRL using International Financial Reporting Standards (IFRS)," International Journal of Accounting Information Systems, Elsevier, vol. 10(1), pages 46-60.
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    2. Chou, Chi-Chun & Chang, C. Janie & Peng, Jacob, 2016. "Integrating XBRL data with textual information in Chinese: A semantic web approach," International Journal of Accounting Information Systems, Elsevier, vol. 21(C), pages 32-46.
    3. Fábio Albuquerque & Paula Gomes Dos Santos, 2023. "Recent Trends in Accounting and Information System Research: A Literature Review Using Textual Analysis Tools," FinTech, MDPI, vol. 2(2), pages 1-27, April.
    4. Tiancai Xing & Qichuan Jiang & Xuejiao Ma, 2017. "To Facilitate or Curb? The Role of Financial Development in China’s Carbon Emissions Reduction Process: A Novel Approach," IJERPH, MDPI, vol. 14(10), pages 1-39, October.
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    7. Troshani, Indrit & Janssen, Marijn & Lymer, Andy & Parker, Lee D., 2018. "Digital transformation of business-to-government reporting: An institutional work perspective," International Journal of Accounting Information Systems, Elsevier, vol. 31(C), pages 17-36.
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    10. Marek Z. Reformat & Ronald R. Yager & Nhuan D. To, 2018. "Defining personalized concepts for XBRL using iPAD‐drawn fuzzy sets," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 25(2), pages 73-85, April.
    11. Marek Z. Reformat & Ronald R. Yager, 2015. "Soft Computing Techniques for Querying XBRL Data," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 22(3), pages 179-199, July.
    12. Alkhatib, Esra'a & Ojala, Hannu & Collis, Jill, 2019. "Determinants of the voluntary adoption of digital reporting by small private companies to Companies House: Evidence from the UK," International Journal of Accounting Information Systems, Elsevier, vol. 34(C), pages 1-1.
    13. Zorio-Grima, Ana & Merello, Paloma, 2020. "Consumer confidence: Causality links with subjective and objective information sources," Technological Forecasting and Social Change, Elsevier, vol. 150(C).

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