Pace of Information Systems Standards Development and Implementation: The Case of XBRL

This paper examines the development of eXtensible Business Reporting Language (XBRL) standards. XBRL is expected to become the global data standard for financial statement information over the Internet. We follow the early phases of XBRL development for external financial reporting in the US. We detail the issues around gaining the momentum of change to develop the standard among a heterogeneous group of stakeholders. These stakeholders have to undergo an implicit institutional change themselves in order to develop and adopt the standard successfully. This paper contributes to the standardization literature by examining change dynamics among the actors developing the standard.