Quality of data standards: framework and illustration using XBRL taxonomy and instances

Hongwei Zhu () and Harris Wu
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Hongwei Zhu: Old Dominion University
Harris Wu: Old Dominion University

Electronic Markets, 2011, vol. 21, issue 2, No 6, 129-139

Abstract: Abstract The primary purpose of data standards is to improve the interoperability of data in an increasingly networked environment. Given the high cost of developing data standards, it is desirable to assess their quality. We develop a set of metrics and a framework for assessing data standard quality. The metrics include completeness, relevancy, and a combined measure. Standard quality can also be indirectly measured by assessing interoperability of data instances. We evaluate the framework on a data standard for financial reporting in United States, the Generally Accepted Accounting Principles (GAAP) Taxonomy encoded in eXtensible Business Reporting Language (XBRL), and the financial statements created using the standard by public companies. The results show that the data standard quality framework is useful and effective. Our analysis also reveals quality issues of the US GAAP XBRL taxonomy and provides useful feedback to taxonomy users. The Securities and Exchange Commission has mandated that all publicly listed companies must submit their filings using XBRL. Our findings are timely and have practical implications that will ultimately help improve the quality of financial data and the efficiency of the data supply chain in a networked business environment.

Keywords: Information quality; Data quality; Data standards; XBRL; US GAAP taxonomy (search for similar items in EconPapers)
JEL-codes: M40 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s12525-011-0060-4

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