Özet:

Background: Harmonization and standardization is becoming important among regulators and business community. XBRL has entered the global stage as a financial reporting standard. Its mission was to standardize the financial reporting, lower the reporting costs and make the reporting as transparent as possible. Objectives: The goal of the paper is to review the current usage of XBRL as a standard worldwide and to give an overview of its current state and perspectives in Croatia. Methods/Approach: The secondary research method for examining XBRL as a standard has been applied in this work. Results: The European Union embraced XBRL as the only standard that will be used for mandatory financial reporting and as such it is implemented in EU legislation. Croatia is a new member state and XBRL usage, which is still limited in Croatia, presents one of the country’s challenges. Conclusions: XBRL is the new standard for financial reporting that has had its place and usage in practice for several years now. It is adopted as a mandatory reporting standard in in most countries of the world, but not without barriers.

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