A proposed Framework for Integrating XBRL and Blockchain to Improve Financial Reporting Transparency and Integrity: XBRL Chain
Serag, A. (2022). A proposed Framework for Integrating XBRL and Blockchain to Improve Financial Reporting Transparency and Integrity: XBRL Chain. EKB Journal Management System, 3(1), 497-520. doi: 10.21608/cfdj.2022.241424
Asmaa Serag. "A proposed Framework for Integrating XBRL and Blockchain to Improve Financial Reporting Transparency and Integrity: XBRL Chain". EKB Journal Management System, 3, 1, 2022, 497-520. doi: 10.21608/cfdj.2022.241424
Serag, A. (2022). 'A proposed Framework for Integrating XBRL and Blockchain to Improve Financial Reporting Transparency and Integrity: XBRL Chain', EKB Journal Management System, 3(1), pp. 497-520. doi: 10.21608/cfdj.2022.241424
Serag, A. A proposed Framework for Integrating XBRL and Blockchain to Improve Financial Reporting Transparency and Integrity: XBRL Chain. EKB Journal Management System, 2022; 3(1): 497-520. doi: 10.21608/cfdj.2022.241424

A proposed Framework for Integrating XBRL and Blockchain to Improve Financial Reporting Transparency and Integrity: XBRL Chain

المجلة العلمية للدراسات والبحوث المالية والتجارية
Article 17, Volume 3, Issue 1, January 2022, Page 497-520  XML PDF (571.71 K)
Document Type: المقالة الأصلية
DOI: 10.21608/cfdj.2022.241424
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Author
Asmaa Serag
جامعة طنطا - کلية التجارة
Abstract
The research aims to use the blockchain technology to ensure the
distribution of XBRL content to a decentralized peer- to-peer network
while maintaining the authority of the government toward the whole
data. The topic of combination XBRL and blockchain is scarcely
discussed in academic journal due to the very early stage of technology
development. This paper explains how to build a distributed ledger
platform prototype that designed to improve financial reports
transparency and integrity by using blockchain technology in line with
XBRL to form XBRL chain. XBRL chain helps in developing smart
contracts that more business rules encoded in software, why are as good
as the person or team devising the rules and the developer turning those
rules into code. These smart contracts with newest encoded accounting
rules could effectively control the recording of accounting activities.
Therefore, these contracts would provide automatic assurance on
processes, such as posting, classification and cutoff.
The proposed framework of XBRL chain makes the quality of
information in the financial reporting more interoperability and
comparability. This framework should subject to six situational
conditions are: multi party, trusted authority, decentralization, smart
contract, data confusability, and type of blockchain. This paper
contributes to the literature by expending upon emerging concerns and
providing opportunities for future research.

Keywords
XBRL; Blockchain; XBRL chain; Notarization; Smart Contract; Financial Reporting Transparency; Blockchain p2p Network
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