Correspondence: Apostolos K. Apostolou, Department of Public Administration, Panteion University, 136 Sygrou Avenue, Athens 17671, Greece. E-mail: apos@panteion.gr

¹is Associate Professor of Accounting Standardisation, Taxation and Auditing at the Department of Public Administration (Section of Taxation and Auditing), Panteion University, Athens, Greece. He has graduated from the University of Piraeus (BA in Business Administration), and he holds a PhD in Accounting from the University of Athens, Department of Economics. He has worked as auditor in The Institute of Certified Public Accountants of Greece, and as consultant in the Greek Ministry of Development and in the Greek Capital Market Commission. He is the author of many academic and professional papers.

²is PhD candidate at Panteion University, Athens, Greece. He has graduated from the University of Piraeus, Greece, (BA in Business Administration) and the Aston University of Birmingham, (Aston Business School) UK, (MSc in Business Studies.). He has represented Greece in XBRL International Conference and has been involved in implementing XBRL and developing taxonomies for Greek GAAP and IFRS.

Received 22 February 2009; Revised 22 February 2009; Published online 7 May 2009.

Abstract

This paper focuses on the implementation of eXtensible Business Reporting Language (XBRL) for International Financial Reporting Standards (IFRS) in the European Union. It provides evidence for the benefits that rise from the implementation of XBRL for the companies, the investors and the regulators. It also gives a summary of XBRL technology, the components of a taxonomy and the implementation process for IFRS for listed firms. Finally, it attempts to asses XBRL in relation with corporate governance and accounting disclosure using theoretical background and relevant literature.