The SEC’s XBRL Voluntary Filing Program on EDGAR: A Case for Quality Assurance

Boritz, J. Efrim; No, Won Gyun

doi:10.2308/ciia.2008.2.2.a36

Cited by 99 publications

(49 citation statements)

References 6 publications

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“…The use of the most advanced and rigorous standards in taxonomy development will help to a better 62 The International Journal of Digital Accounting Research Vol. 12 assurance of future XBRL reports, as pointed out by many authors (Boritz and No 2003;Cohen et al 2003;Lymer and Debreceny 2003;Boritz and No 2008;Plumlee and Plumlee 2008;Srivastava and Kogan 2009). …”

Section: Introductionmentioning

confidence: 83%

XBRL and Integrated Reporting: The Spanish Accounting Association Taxonomy approach

Gonzálbez¹,

Rodríguez²

2012

IJDAR

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Abstract. Recently, the International Integrated Reporting Council (IIRC) developed a Discussion Paper (DP), offering initial proposals for the development of an International Integrated Reporting Framework, combining and connecting financial and non-financial information, including past and future information and outlining the next steps towards its creation and adoption. Among different aspects and elements of a future integrated report, the DP develops the idea of a report supported by XBRL (eXtensible Business Reporting Language).

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Section: Introductionmentioning

confidence: 83%

XBRL and Integrated Reporting: The Spanish Accounting Association Taxonomy approach

Gonzálbez¹,

Rodríguez²

2012

IJDAR

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“…Their results found a significant improvement in analyst forecast accuracy since XBRL mandates [32,33].…”

Section: Validity Of Xbrlmentioning

confidence: 95%

The Prediction of Earnings Movements Using Accounting Data: Using XBRL

Baranes¹,

Palas²

2017

Int J Account Res

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These studies highlight the necessity to develop a tool to better predict future earnings and help develop various investment strategies.Many research papers have concentrated on the importance of earnings announcements and forecasts in the determination of investment decisions. While earlier research has only been able to show relatively low informativeness of earnings later studies were able to show the incremental information content of specific components of the financial statements [4][5][6][7]. For example, Finger et al. show that earnings provide information for future earnings and cash flows, and predict sign changes in the earnings per share using forecasting models developed from various income statement and balance sheet components [8][9][10]14]. Shroff et al. assess the predictive ability of a "composite" model, which forecasts as a function of current earnings and current security prices, against three univariate benchmarks: a random walk model, a random walk with drift model, and a first order autoregressive/moving average (ARIMA) model [11]. The findings indicate that the composite model obtains significantly lower forecast errors relative to the benchmark models. Sletten et al. find that earnings informativeness is higher in bad-news periods than in good-new periods [12]. Alam et al. were able to show that disaggregated earnings data were better able to predict next period's earnings in the banking industry [13].Ou et al. were the first researchers to focus on the usefulness of accounting information to predict the direction of movement of earnings relative to trend adjusted current earnings [10,14]. The study is important because it evaluates whether accounting information can consequently be used as the basis for profitable investment strategy. Given investors' reliance on earnings this could be a valuable tool for a profitable investment strategy. The authors found that financial statement analysis can provide a measure that is an indicator of future earnings which in turn is used as a successful investment strategy. However, the evidence from subsequent studies has been mixed [15][16][17][18][19].One objective of this study is to repeat the original Ou et al. study over a more recent time period and provide a viable tool for investment decisions. However, the main objective is to examine the methodology using, not the original COMPUSAT database, but the XBRL database. XBRL (extensible Business Reporting Language) is a freely available and global standard for exchanging business information. XBRL allows the expression of semantic meaning commonly required in business reporting. One use of XBRL is to define and exchange financial information, such as a financial statement [10,14].The SEC has created the XBRL US GAAP Financial Reporting Taxonomy. This taxonomy is a collection of accounting data concepts and rules that enables companies to present their financial reports electronically. The SEC's deployment was launched in 2008 in phases, and all public US GAAP companies were required to file the...

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“…Thus, scholars have stressed the need of third-party assurance on XBRL tagging process (Plumlee and Plumlee, 2008;Srivastava and Kogan, 2010). In fact, (Boritz and No, 2008), when analyzing the XBRL filings under the SEC"s XBRL Voluntary Filing Program on EDGAR, find increasing quality control and assurance issues pertaining to the XBRL filings. In addition, filing errors could also negatively affect the quality of the information provided (Bartley et al, 2010).…”

Section: Literature Reviewmentioning

confidence: 99%

Financial Reporting Practices of Italian SMEs: Why Do They Disclose More?

Panizzolo¹,

Fradeani²,

Metushi³

2017

IJDAR

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Abstract. From reporting periods ending on or after 31 December 2014, Italian unlisted companies filing their financial statements under the national GAAP have to deposit them to the Business Register in fully XBRL format. In particular, for companies submitting their financial statements in the abbreviated form, the mandatory taxonomy has offered the option to use in their notes also the tables of the standard one: this means that they can voluntarily provide more information than that normally required by the law. In this paper, we investigate this phenomenon focusing on its level and analyzing the variables explaining the reasons that push Italian SMEs to use, in their abbreviated financial statements, non-compulsory tables that are proper of the standard ones. Based on a large sample of 8,738 elements, we report surprising results: more than 80% of the abbreviated financial statements include at least one table proper of the standard ones, while on average they include seven. In addition, when analyzing the determinants of this phenomenon we find that the only relevant variable explaining the number of optional tables included in the abbreviated financial statements is the software used for preparing them.

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The SEC’s XBRL Voluntary Filing Program on EDGAR: A Case for Quality Assurance

Cited by 99 publications

References 6 publications

XBRL and Integrated Reporting: The Spanish Accounting Association Taxonomy approach

XBRL and Integrated Reporting: The Spanish Accounting Association Taxonomy approach

The Prediction of Earnings Movements Using Accounting Data: Using XBRL

Financial Reporting Practices of Italian SMEs: Why Do They Disclose More?

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