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Taxonomy of Financial Reporting in the Context of Digitalization of the Economy: Domestic and International Analysis Scientific Research

Author

Listed:
  • Vysochan Oleh S.

    (Department of Accounting and Analysis, Lviv Lviv Polytechnic National University, Lviv, Ukraine)

  • Hyk Vasyl

    (Department of Accounting and Analysis, Lviv Lviv Polytechnic National University, Lviv, Ukraine)

  • Mykytyuk Nataliya

    (Department of Accounting and Analysis, Lviv Lviv Polytechnic National University, Lviv, Ukraine)

  • Vysochan Olha O.

    (Department of Accounting and Analysis, Lviv Lviv Polytechnic National University, Lviv, Ukraine)

Abstract

A clear manifestation of the technological revolution 4.0 in the context of digitalization of the economy is the use of digital, electronic, or IT-oriented versions of financial reporting. Today, the harmonization of national accounting systems and the formation of financial statements around the world is carried out through the implementation of International Financial Reporting Standards by moving to the preparation of financial statements in a single electronic format – eXtensible Business Reporting Language (XBRL). The introduction of a new financial reporting system in XBRL format requires appropriate understanding and some practical adaptation. At the same time, the study of the use of the concept of “taxonomy financial reporting” in scientific works remains insufficiently developed. The article aims to study the quantitative and qualitative structure of the documentary flow of scientific periodicals on the keywords “taxonomy financial reporting”. The method of bibliometric analysis was used to conduct the study. The source of the bibliometric analysis of the documentary flow of scientific periodicals are publications from the scientometric database Scopus in the period between 2001-2021. As a result of the selection, data were obtained on scientific articles that were exported for processing into the computer program R (bibliometrics package). According to the results of quantitative analysis, 156 publications were received, the vast majority of which were scientific articles. It was found that the main areas of research on the taxonomy of financial reporting are: taxonomies, XBRL, financial reporting, and administrative data processing. The largest clusters appear around these keywords. It has been established that scientific cooperation on this topic is becoming closer, which contributes to the formation of geographical clusters, the three largest of which are united around the United States, Italy and the United Kingdom.

Suggested Citation

  • Vysochan Oleh S. & Hyk Vasyl & Mykytyuk Nataliya & Vysochan Olha O., 2023. "Taxonomy of Financial Reporting in the Context of Digitalization of the Economy: Domestic and International Analysis Scientific Research," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 33(2), pages 49-70, June.
    • Handle: RePEc:vrs:suvges:v:33:y:2023:i:2:p:49-70:n:4
    DOI: 10.2478/sues-2023-0008
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    References listed on IDEAS

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    1. Aria, Massimo & Cuccurullo, Corrado, 2017. "bibliometrix: An R-tool for comprehensive science mapping analysis," Journal of Informetrics, Elsevier, vol. 11(4), pages 959-975.
    2. Hongwei Zhu & Harris Wu, 2011. "Quality of data standards: framework and illustration using XBRL taxonomy and instances," Electronic Markets, Springer;IIM University of St. Gallen, vol. 21(2), pages 129-139, June.
    3. 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.
    4. Raman Kumar & Sehijpal Singh & Ardamanbir Singh Sidhu & Catalin I. Pruncu, 2021. "Bibliometric Analysis of Specific Energy Consumption (SEC) in Machining Operations: A Sustainable Response," Sustainability, MDPI, vol. 13(10), pages 1-30, May.
    5. Valentinetti, Diego & Rea, Michele A., 2012. "IFRS Taxonomy and financial reporting practices: The case of Italian listed companies," International Journal of Accounting Information Systems, Elsevier, vol. 13(2), pages 163-180.
    6. Jacob Peng & C. Janie Chang, 2010. "Applying XBRL in an Accounting Information System Design Using the REA Approach: An Instructional Case," Accounting Perspectives, John Wiley & Sons, vol. 9(1), pages 55-78, March.
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    More about this item

    Keywords

    taxonomy financial reporting; taxonomies; digital economy; information technologies; bibliometric analysis;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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