International format of financial reporting XBRL in Kazakhstan

Abstract

The paper is a descriptive study that investigates the adoption and implementation of the International Financial Reporting Standard XBRL (eXtensible Business Reporting Language) in Kazakhstan, utilizing SWOT, PEST, BCG matrix, and Porter's Five Forces methodologies. A comparative analysis of key economic indicators among countries employing the XBRL format and those that have not yet adopted it is also presented. The results indicate that the development and implementation of XBRL in Kazakhstan offer substantial benefits, including increased efficiency, transparency, and comparability of financial information, which contribute to economic growth and attract foreign investment. The evidence strongly supports the adoption of XBRL in Kazakhstan, contingent on addressing challenges related to training, education, technological infrastructure, and regulatory enforcement.