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Abstract
Follow the development of technology, thefinancial reporting increasingly trend to disseminate by internet, especially in the UK, USA those developed countries. This literature review force on the influence of internet on financial reporting, the benefits and the limitation of current implication of internet financial reporting. This study finds that literature generally agree with that   the financial reporting on internet could meet the requirement of development, customized and timeless. However, it is not prefect. If popularize the internet-based financial reporting, it still need to be developed.
1 Introduction
Financial reporting on the internet is becoming to an increasingly popular subject of research, and increasingly companies adopt internet to disseminate financial information. For example in 1996, 81% of US fortune 150 company provide financial information online, and 34% of the fortune 50 industrial US corporations distributed annual reports by internet, furthermore include auditor’s report in their corporate report (Gray and Debreceny, 1997). Moreover, take the survey of the 30 largest companies in 22 countries as example, in mid-1999, 100% of companies in Germany, Sweden, Canada and the USA use internet for financial reporting, moreover, in the country like Chile and Malaysia also have almost 50% companies public their financial reporting via internet(xiao, 2002). In the survey in top 100 companies in the US, UK and Germany, over 90% of US companies provide extensive financial information, with UK and German companies also providing considerable amount of information, although they lagged behind the US( Beattie and Pratt ,2001).  Debreceny and Gray(1999) comment that “the annual reports were typically not merely electronic versions of the printed report, but complete web documents, indicating that the clients had made considerable investments in the conversion form print to the web”.
However, followed the increasing number of companies that choose publish their financial information by internet, some problems drew attention of Accounting field. The comment about whether companies should be force to adopt internet as the main method to announce reporting could not get conformity. For example, Jensen and Xiao (2001) state traditional financial reports can not meet the investors’ requirement for analyzing, it becoming untimely and shrinking. Moreover, the financial reporting through web has help to promote transparency, liquidity, and efficiency in our capital markets. In addition, it is more easily that to relate information to non-financial information for users; financial information is more easily achieved by non-accounting users, makes available the latest information on a company, and accounting subject more easily obtain comments and feedback from investors and other users ( Xiao et al. 2002 ). In terms the users in stock market, internet reporting provides an efficient way for decision make. It motivates the revolution of accounting and reporting ( xiao al, et, 2004)
On the other hand, this kind of publish financial reporting method exit the

 
2000. SEC Interpretation: Use of Electronic Media. File number S7-11-00. New York, NY:
SEC. Securities and Exchange Commission v. Inte
McKnight, C., A. Dillon, and J. Richardson. 1990. A comparison of linear and hypertext formats in
information retrieval. In Hypertext: State of the Art, edited by R. McAleese and C. Green, 10–
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