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Why sec has been criticized for doing too little to clean up

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Problem

Despite the benefits of XBRL, the SEC has pointed out persistent routine errors in XBRL filings and called on companies to correct them. The 2013 XBRL survey conducted by the Financial Executives Research Foundation shows 58 percent of the 402 companies who participated in the survey took no new action to change anything about their XBRL filing process as XBRL exhibits transitioned from "furnished" to "filed" in the view of the SEC, giving it the same liability weight as regular filings. The study concluded investors and other users of financial statements are not using data produced by XBRL because they don't trust it. Congress has called on the SEC to answer questions about why it's not taking more proactive measures to make XBRL more useful for everyone. Based on a Literature review please identify why the SEC has been criticized for doing too little to clean up XBRL filings.

Reference no: EM131784979

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