HRMARS - This study provides a systematic literature review (SLR) on the adoption and impact of eXtensible Business Reporting Language (XBRL), highlighting its potential and challenges. Following a systematic review protocol, literature was collected from the Web of Science database, focusing on the adoption, implementation, and outcomes of XBRL in various regions and industries. The final sample included 155 research articles published between 2002 and 2025, which were analyzed for methodologies, findings, and implications. XBRL has been widely adopted to enhance transparency, comparability, and efficiency in financial reporting, driven largely by regulatory mandates across various countries. The review reveals a diverse range of outcomes associated with XBRL adoption, including improvements in market efficiency, reduced information asymmetry, and reduce audit report lag. However, the findings also point to inconsistent effect, such as increased complexity in financial reporting, heightened costs for smaller firms, and variable effects on analyst forecast accuracy. Moreover, factors such as firm size, technological capacity, and regulatory pressures are consistently found to be key drivers, while perceived complexity and costs serve as significant barriers. Interestingly, the interaction between these factors and individual or organisational characteristics, such as training and experience, suggests that the challenges of XBRL adoption may be mitigated through targeted training and support. This study provides a comprehensive analysis of the state of XBRL research, highlighting gaps and offering insights into factors that influence its adoption and impact. It serves as a guide for future research on digital financial reporting.
Alzeer et al. (Sun,) studied this question.
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