Application of IFRS in the Conditions of Digital Technologies

Abstract The digital transformation of economic processes in the Russian Federation has necessitated the use of digitalization tools for International Financial Reporting Standards (IFRS) reporting, which is reflected in this research. To more effectively apply IFRS reporting, businesses need to digitize financial and nonfinancial indicators contained in the reporting. The authors identified the pros and cons of the eXtensible Business Reporting Language (XBRL) standard when preparing financial statements under IFRS. The XBRL standard makes it possible to calculate the financial and nonfinancial indicators of the reporting company in various sections. Preparation of IFRS reporting using the XBRL standard changes the transparency and openness of accounting data according to international traditions and brings them closer to world standards for the language of digitalization. The use of the XBRL standard significantly reduces the time it takes to prepare financial statements and eliminates the inconsistency of metadata. However, it cannot replace the professional judgment of a qualified accountant in the near future. To fully implement the XBRL format when preparing financial statements under IFRS, it is necessary to certify domestic software developers who can ensure a secure process for collecting, processing, and transmitting company data through digital channels.

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