An International Overview of the Electronic Financial System and the Risks Related to It

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Author(s): Tatiana Dănescu (University of Medicine, Pharmacy, Sciences, and Technology of Targu-Mures, Romania), Alexandra Botoș (1 December 1918 University, Romania)and Ionica Oncioiu (Titu Maiorescu University, Romania)
Copyright: 2019
Pages: 16
Source title: Network Security and Its Impact on Business Strategy
Source Author(s)/Editor(s): Ionica Oncioiu (European Academy of the Regions, Belgium)
DOI: 10.4018/978-1-5225-8455-1.ch003

Keywords: Business and Organizational Research / Business Science Reference / Information Security & Privacy / Security & Forensics

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Abstract

A significant milestone in the evolution of financial reporting systems occurred when the international financial reporting standards (IFRS) were first applied in the year of 1989. The XBRL (extensible business reporting language) phenomenon marked a new stage in the development of global accounting and reporting systems in the year of 2008 when public companies in US began to use this system. Although the two steps have had a significant impact on the process of harmonizing the global financial reporting system, this process is yet not complete. This chapter presents a comparative analysis of some issues emerging from the application of electronic reporting systems in order to identify the risks presented by them and possible solutions to current practices in financial reporting.

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An International Overview of the Electronic Financial System and the Risks Related to It

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