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Longitudinal Analysis of Voluntary Adoption of XBRL on Financial Reporting


Jap Efendi


University of Texas at Arlington

Murphy Smith


Murray State University - College of Business

Jeffrey Wong


University of Nevada, Reno


International Journal of Economics and Accounting, Vol. 2, No. 2: 173-189, 2011

Abstract:     
In December 2008, the SEC approved final rules which require companies to submit financial statements in XBRL format with their SEC filings, beginning with quarterly June 2009 filings for the largest companies and within three years for all public companies. Previously, the SEC established a voluntary filing program for XBRL reporting in March 2005. Accordingly, the objectives of our study are: (1) to provide an overview of the benefits and global development of XBRL and (2) to evaluate the extent of XBRL adoption following the implementation of the voluntary filing program. We find the quantity of voluntary reporting to be relatively low, but reporting significantly increased over time. Voluntary adopters are larger and more innovative firms in their industries. We find evidence suggesting increasing efficiency in XBRL reporting, as reporting lags have significantly decreased over time. This efficiency improvement is positive news and may accrue to other companies after they are required to use XBRL reporting. XBRL is expected to have a positive effect on accounting and financial reporting worldwide, particularly used in conjunction with International Financial Reporting Standards (IFRS).

Number of Pages in PDF File: 31

Keywords: XBRL, Securities and Exchange Commission, IFRS, information technology

JEL Classification: M41, F23, G15

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Date posted: July 30, 2009 ; Last revised: July 26, 2014

Suggested Citation

Efendi, Jap and Smith, Murphy and Wong, Jeffrey, Longitudinal Analysis of Voluntary Adoption of XBRL on Financial Reporting. International Journal of Economics and Accounting, Vol. 2, No. 2: 173-189, 2011. Available at SSRN: http://ssrn.com/abstract=1440956 or http://dx.doi.org/10.2139/ssrn.1440956

Contact Information

Jap Efendi
University of Texas at Arlington ( email )
415 S West St Apt no 205
Arlington, TX 76019
United States
Murphy Smith (Contact Author)
Murray State University - College of Business ( email )
109 Business Building
Murray, KY 42071-3314
United States
270-809-4181 (Phone)
Jeffrey Wong
University of Nevada, Reno ( email )
United States
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