Sep 01, 2011
Eighteen months into tagging financial reporting data using XBRL and errors only total 18,695 – that’s out of the more than 1.6 million tagged facts.
Both the SEC and XBRL US agree there are fewer errors than they originally expected. Better yet, companies are issuing financial reports for the second time are able to clear up the problems with their initial filings.
For periods ending on or after June 15, 2009, the SEC required the 500 largest companies to use XBRL to tag data in their financial statements. Beginning June 15, 2010, another 900 more companies complied.
XBRL US used the XBRL Consistency Suite to identify a total of 18,695 mistakes in about 3,400 filings from years one and two.