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Accounting reporting systems will soon be much simpler, thanks to new research underway at Murdoch University’s Commerce Program.Mr Jim Richards and Associate Professor Greg Tower are key members of an Australia-wide working group, which has secured $160,000 over 12-months from the Federal Information Technology Online (ITOL) Program to develop a new technology link between accounting information systems, financial reporting and the global business community. “The plethora of accounting reporting systems is a huge international problem in the business community,” said research co-ordinator Professor Tower. “It has created a ‘Tower of Babel’ of conflicting levels of financial data, leaving users confused and stock markets inefficient.” Professor Tower said the new system, called eXtensible Business Reporting Language (XBRL), could bring an end to the confusion. “XBRL is a financial reporting computer language which is compatible across all the major software vendors. It has been produced in conjunction with the major accounting professional bodies (i.e. American Institute of Certified Public Accountants), Big 5 accounting firms and key academics,” he said. The team hoped to extend the project development into the Asian business region, particularly China, in the near future. Mr Richards, who is Co-Chair of the Education Working Group for XBRL Australia Limited, is developing appropriate curricula and liaising with the accounting and business sector for project. |
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Editor: Pepi Smyth
Produced by the ">Office
of Community Relations, Murdoch
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