Electronic Transfer of Financial Data to Banks

• In Event: Concurrent Session 2.2: Disclosure Practices

Abstract

Electronic transfer of financial data (such as financial statements) based on a reporting language like XML or XBRL gets more and more common in multiple areas. The use of XML or XBRL offers several advantages, especially in the international context. However in the communication between banks and their business customers – represented by their accountants – the distribution of financial information in alternative formats still remains dominant and therefore shows potential for further development. To detect the reasons for the lack of acceptance a questionnaire survey was carried out among Austrian accountants because in Austria exists the possibility to electronically submit financial data to banks via the so called Balance Sheet Transfer System. The results of the survey show next to the reasons for the low acceptance on the part of the accountants the conditions which have to be met for a higher acceptance. Relating to the accountants’ behavior concerning the electronic transfer of financial data to the companies’ register and to revenue authorities a cascade effect due to the use of XML or XBRL for more than one purpose (resulting from synergy effects) cannot be determined. Instead of this, the results of the survey stress the importance of the stakeholders’ (here: banks’) intervention.

Author

• Karina Sopp, University of Vienna