Adoption and Implementation of Extensible Business Reporting Language in Nigeria: Prospects and Challenges

Abstract

This study investigates the adoption of Extensible Business Reporting Language (XBRL) in Nigerian businesses, focusing on three primary objectives: assessing awareness levels, identifying implementation challenges, and evaluating the perceived benefits. By employing a mixed-methods approach combining surveys and interviews with financial and IT professionals across various sectors, the research aims to provide a comprehensive analysis of XBRL adoption. The study seeks to fill existing knowledge gaps by quantifying the current awareness, delineating barriers such as technological limitations and cost implications, and highlighting the potential enhancements in financial transparency and regulatory compliance that XBRL offers. Expected contributions to knowledge include detailed recommendations for overcoming adoption hurdles and promoting broader implementation, thus aiding policymakers and businesses in making informed decisions regarding financial reporting technologies in emerging markets.