American Accounting Association


Session Title: XBRL and the Information Value Chain
Presentation Date: Tuesday August 9, 2011
Presentation Time: 10:15 am-11:45 am

XBRL Mandate: Thousands of Filing Errors and So What?

Hui Du, University of Houston - Clear Lake
Miklos A. Vasarhelyi , Rutgers University
Xiaochuan Zheng, Bryant University

ABSTRACT: Since the SEC started the mandate of the interactive data reporting in June 2009, four thousand filing errors have been reported. We examine the overall changing pattern of the errors to understand whether the vast number of errors may hamper the transition to the interactive data reporting. Using a sample of 3543 filings that contain 3989 errors, we document significant learning curves exhibited by the SEC XBRL filing environment, by the filers, and by the XBRL software vendors. Specifically, we find that the number of errors per filing is significantly decreasing as more quarters pass, when a company files more times, and when a higher version of software is used, suggesting that the regulatory body, the company filers, and the technology community all learn from their experiences and therefore the future filings are improved. Our findings have a number of implications for the regulatory body, the filers, and information users.

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