Abstract:The EXtensible Business Reporting Language -XBRL appeared in the beginning of the 21 st century and it represents one of the most important technological innovations in financial reporting, collecting and exchanging data since the introduction of electronic spreadsheets. However, although the XBRL standard is globally accepted, and it has been proved to be a standard sui generis, the implementation of the standard has not yet become a reality in Montenegro and the region. In this context, the goal of this article is to evaluate a new and, for our conditions unexplored, area from the point of application of modern methods of accounting theory and practice, highlighting both positive and negative aspects. This research is getting prominence having in mind that the EU integration process which Montenegro has already started would affect all areas of socioeconomic life and development, especially in terms of accounting practices harmonization.
The aim of this paper is to analyse the level of digitalized financial reporting process in local governments of three different Montenegrin geographic regions and to estimate the level of harmonization with the modern achievements in the domain of computerization of accounting systems. For that purpose, two research approaches (direct insight and survey) are used to examine the general hypothesis. This hypothesis states that the digitalization of financial reporting in different regions in Montenegro depends on the level of the accounting culture of companies, but also on their size, activities and normative acts. The fact that similar research has not been previously conducted in Montenegro, or in the neighbouring countries, which makes this study an original contribution.
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