DEVELOPMENT OF XBRL FORMAT AS A FURTHER DIRECTION OF DIGITALIZATION OF FINANCIAL STATEMENTS

Introduction. In the conditions of constant technical discoveries, an increase in the introduction of the latest technologies into practical activities, the question arises of introducing them into the domestic reporting practice. Without proper organization of the preparation of financial statements of an enterprise, it is impossible to introduce information technologies, in particular, to establish a process for submitting such reports. The introduction of the IFRS taxonomy for financial reporting gave impetus to the development of such an electronic reporting standard as XBRL. Therefore, an urgent issue will be to consider the XBRL format as a further direction in the development of digitalization of financial reporting. Purpose. The aim of the study is to analyze the implementation of the XBRL format and alternative formats for the purposes of presenting financial statements in various countries of the world, to identify the relevant stakeholders using this format, and to determine the further direction of the digitalization of the reporting process. Methods. During the research, the following methods were used: analysis and synthesis (analysis of the dynamics of the use of the XBRL format in the countries of the world); groupings (allocation of the number of institutions in the context of the countries of the world that use XBRL in the formation of financial statements); observations (highlighting foreign institutions that use the XBRL format in the formation of financial statements); logical generalization of results (formulation of conclusions). Results. In the course of the study, the stakeholders who use the XBRL electronic reporting format were identified, namely: 1) regulators; 2) companies; 3) government; 4) data providers; 5) analysts and investors; 6) accountants, which made it possible to characterize their information needs. Alternative formats of digital reporting (PDF, HTML, XML, JSON, RDBMS), which will provide management personnel with the necessary information regarding the appropriateness of their use in domestic and international reporting practice, are characterized. The article analyzes the number of institutions in the context of the countries of the world that use XBRL and the dynamics of its use for 2001–2020. in the world. Discussion. Further research is proposed to focus on developing a unified taxonomy for integrated reporting. This will allow the introduction of a format such as XBRL in the presentation of integrated reporting to all interested stakeholders.