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The US Securities & Exchange Commission (SEC) mandated the use of XBRL for filing quarterly and annual statements (10-K, 10-Q, 20-F, and other forms). According to research by several organizations, around 80% of the XBRL filings was prepared by a third-party. Most of these firms are so-called ‘financial printers’. However, because of the stricter requirements in the second and third year, many organizations are expected to want more control over the filing process to increase quality and to reduce risks.
In this session, Deloitte will share with the audience a detailed analysis result performed on XBRL filings submitted to the SEC. The research looks into the comparability of the concepts used (and not used), in terms of the approach taken (in-house, outsourced, and in-between) and tools used. To illustrate the impact, we will further present the comparability result on some important financial ratios. Then, this session will be concluded with recommendations specifically addressed for SEC, taxonomy owners, and filers (both in-house filers or outsourced filers).
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