What are the content of Electronic filing and structured data?
The IASB’s jurisdictional profiles document the extent to which jurisdictions require the use of IFRS by its entities. But what happens to these financial reports? When are they distributed to investors; are they filed with some central agency and made publicly accessible; are electronic versions accessible; are they filed using a structured data format such as XBRL? The IASB has a project to document filing and access requirements in the jurisdictions that allow or require use of IFRS. The IASB is interested in documenting these requirements because it considers that the timing and means of access to general purpose financial reports is important.
There is some evidence that prior to the introduction of the EDGAR system in the US, the market reacted to post-filing announcements of earnings published in the Wall Street Journal, presumably because search costs made the Wall Street Journal a more efficient source. It also seems that this reliance on the Wall Street Journal has diminished with EDGAR. (See, for example, Earl K. Stice The market reaction to 10-K and 10-Q flings and to subsequent Wall Street Journal earnings announcements, The Accounting Review, 66 (January 1991), 42–55 and Theodore E. Christensen, William G. Heninger, Earl K. Stice Factors associated with price reactions and analysts’ forecast revisions around SEC filings, Research in Accounting Regulation, Volume 25 Issue 2, November 2013.)
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