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University of Kansas April 26-27, 2013 . Determinants of Levels of Satisfaction with SEC-Mandated XBRL Filing Process: A Work in Progress. Glen L. Gray Sung Wook Yoon California State University, Northridge. Disclaimer.
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Glen L. Gray
Sung Wook Yoon
California State University, Northridge
1969: Al Gore invents the Internet
1994: Commercialization of the Internet
1999: FASB and IASC each publish reports on financial reporting on the Internet
Most large companies are including financial reporting information on their Web sites
No consistency in terms of content, format, and navigation
Probably violating financial reporting regulations! (Still true?)
Boundary problems (In or out of financials?)
Automated searches almost impossible
October 1999: First XBRL meeting with 13 members
December 2008: SEC required XBRL filings starting in 2009
In year 2, volume & complexity increase 10X
Required SEC Filers
Internal XBRL Users
Financial Statements to Banks
*Much more action outside the USA
1. Regulator provided XBRL enabled excel, word, and PDF templates and Web Interface
The Regulator will provide submission options using the Regulatory portal and via XBRL embedded word documents, excel workbooks, and PDF templates
2. Bolt-on via Outsourcing or internal Utility
Printers and other third party service providers provide outsourced solution for mapping the disclosure elements on the financial statements and note disclosures (in block text) to the Regulator Taxonomy
3. Bolt-on via Internal Process
XBRL can be adopted by companies at the “highest” reporting level (i.e. consolidated) solely for purposes of complying with regulatory requirements. However, potential XBRL process enhancement benefits are not fully realized.
4. Embedded Processes
*SEC Reporting and the Impact of XBRL: 2011 SurveyFree to FEI members; $49.95 for non-members, however…Email: Bill Sinnett, Senior Director, Research, at [email protected]
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