In fact, regulators such as the Bank of Indonesia (BI) as well as the Financial Services Authority (FSA) and the Indonesia Stock Exchange (ISE) have mandated the use of XBRL format for firms. What research has been done in XBRL in the context of Indonesia over the last decade. First, the presence of XBRL in Indonesia has been around a decade, and the development of research published on reputable outlets tends to be limited.
Second, to the best of our knowledge, the literature review of XBRL research in Indonesia has not been conducted in the past ten years. Finally, the phenomenon in Indonesia motivates us to observe the historical development of XBRL research as a subfield of accounting in Indonesia, in the form of a bibliography over a decade. The present study attempts to provide an overview of the development of XBRL research in Indonesia and explore the future potential of XBRL research in Indonesia.
The implementation of XBRL use in Indonesia is generally mandated by various government agencies such as the Bank of Indonesia (BI) and the Financial Services Authority (FSA) and Indonesia Stock Exchange (ISE) (see, for example, Wijanarko and Moedjiono, 2015; Mayapada et al. al., 2020). The existence of XBRL in Indonesia was first implemented by the Bank of Indonesia (BI). This article specializes in the literature review of XBRL research in Indonesia by mapping the latest XBRL research in 2011-2021.
In the findings of XBRL research in Indonesia, several similar subgroups are included in the first theme.
Descriptive Summary of XBRL Research
In addition, according to the research topic, the topic of XBRL's impact on business is very widespread in Indonesia, with as many as 16 articles, followed by the topic of technical development of XBRL, with as many as two articles. The benefits of an XBRL presence have been felt both internally and externally by clients who use XBRL directly for reporting, including accountants and consultants, as well as clients who use and have an interest in the financial statements of related companies, such as data collectors, analysts, standards committees and regulators as well as software developers (Bonson, 2001). 191 may partly occur because the taxonomy used is still limited (only includes items in financial statements) (Zamroni and Aryani, 2018) and is still in the early stages of adoption (Tohang et al., 2020).
However, in other research, XBRL adoption has been shown to reduce information asymmetry and corporate governance reflected by the level of transparency of reports following standards proven to reduce information asymmetry (see, e.g., Dharmawati and Harahap , 2018). Meanwhile, a recent study explained that the application of XBRL can minimize the level of earnings management (Mayapada et al., 2020). Investors are found to differentiate between XBRL adopter and non-adopter firms (Junus and Irwanto, 2021), although XBRL adoption did not affect the significance of earnings value (Muchlis et al., 2019).
In terms of information risk, XBRL implementation can reduce financial reporting information risk and lead to improved financial statement quality (Pamungkas and Kristanto found limited research in this area of user interaction with XBRL. For example, explore how the benefits of XBRL are perceived by internal users (as are preparers) who prepare XBRL-based reports.In terms of investor perceptions, there is still little publication or related literature on how investor perceptions of XBRL-based financial reporting policies relate to their effectiveness and efficiency.
The XBRL format, which requires full disclosure, can provide relevant information for investors (Jayani et al., 2020). One of the advantages of XBRL is also an advantage for auditors in the performance of their tasks. Mandatory use of XBRL on the Indonesian Stock Exchange does not affect audit delays.
On the other hand, the adoption of XBRL has no significant effect on audit fees (W and . 193 Sumiyana, 2020). Themes related to the adoption of XBRL include XBRL adoption drivers and adopters at both the individual and organizational levels and the XBRL adopters'. In the early stage of XBRL adoption, the firms' leverage, size as well as property, plant and equipment, and consistency in using the services of Big 4 auditors have a significant effect in distinguishing companies that use XBRL from those that do not not using XBRL (Prasetia and Wijayana, 2017).
In addition to the previous study, it was also found that the size and profitability of the company and the role of financial expertise in governance were the determining factors in the early adoption of XBRL (Muchlis et al., 2019). There is no denying that the topic of XBRL is important to be included in the accounting curriculum as a graduate knowledge resource required by technological developments (Pujisari and Biyanto, 2019).
A framework of XBRL Research and Future Potential Research Areas in Indonesia
Referring to a previous study by Perdana et al. 2015), this article also proposes four research topics related to XBRL in Indonesia. In addition, the addition of other variables (such as moderators and/or mediators) under each theme is also necessary to expand and obtain more nuanced research results, thereby increasing stakeholders' knowledge about the impact of XBRL . In addition to observing aspects of financial statements, it is also necessary to investigate how subjective the perceptions of XBRL users are internally, such as in companies using XBRL-based financial statements, and externally, such as
Moreover, empirical studies investigating the effects of XBRL on corporate governance, decisions to outsource or maintain internal XBRL adoption, and XBRL adoption in the public sector are still limited (Perdana et al., 2015). Finally, research must also be carried out on the part of the XBRL software provider, e.g. regarding the potential adoption of XBRL for non-listed companies. In addition to examining the adoption of XBRL described earlier, the potential for future research could also track the adoption of XBRL for non-listed companies and voluntary use using case studies.
With the benefits of XBRL to integrate and present data, taxonomic design is really important to explore the research area, especially in Indonesia. Further study could also investigate the readiness and potential integration of the XBRL-Global Ledger taxonomy and the XBRL-Financial Reporting taxonomy with the entire enterprise resource planning (ERP) process (Perdana et al., 2015). In practice, related to the use of the XBRL taxonomy, especially aspects of its complexity and compatibility, a researcher can also track and verify.
Research related to strategies to increase awareness of XBRL education for users both internally (such as internal training) and externally can therefore drive the effectiveness of XBRL utilization. Based on previous reviews, it appears that XBRL teaching in the curriculum in Indonesia is still limited. Thus, studies related to the effectiveness of XBRL teaching materials to improve student understanding can also be conducted.
The research on XBRL implementation has emerged globally and increased significantly in both developed and developing countries. Meanwhile, this article is a literature review on the current state of XBRL research in the Indonesian setting. -Professional investors experience the efficiency and effectiveness of XBRL analysis of financial statements and companies providing XBRL formatted information.
The association between the mandatory adoption of XBRL and the performance of listed state-owned and non-state-owned companies in China.
