broken out into separate XLink-based linkbases. Context data in the instance was collected into a separate element. 2.1 – Published December 31, 2003, this version tightened the definition of terms significantly, allowing for the introduction of a conformance suite. XBRL v2.1 has remained stable since publication, and has been updated only for errata corrections. The standard has evolved significantly through the development of additional XBRL modules. Details of all versions of the specification and associated modules can be found on the XBRL Specification Subsite. Lack of accuracy In April 2009 a study of the North Carolina State University Department of Accounting College of Management evaluated the accuracy of XBRL filings for 22 companies participating in the SEC's voluntary filing program in 2006. Results of a comparison of XBRL filings to Forms 10-K revealed multiple errors in signage, amounts, labeling, and classification. The study considers that these errors are serious, since XBRL data are computer-readable and users will not visually recognize the errors, especially when using XBRL analysis software. A different conclusion was reached by Du et al., 2013 who argued that companies are going through a learning curve and are steadily improving. In December 2017, Charlie Hoffman stated that there is a 10.2% chance that an XBRL-based public company financial report has errors in its primary financial statements. Hoffman predicts that per the current number of errors and the pace errors are being corrected, within about five years the information quality of XBRL-based public company financial reports will be very good. Impact of XBRL An evaluation by Debreceny, Roger S., et al. 2005, of the impact of Financial Reporting in XBRL on the SEC's EDGAR System. A tool for converting the consolidated balance sheet, income statement, and statement of cash flows into XBRL‐tagged format. Corporate governance is significantly and positively associated with a firm's decision to be an early and voluntary filer of financial information in XBRL format. Impact on financial reporting in the European Union On 18 December 2017 European Securities and Markets Authority published the final draft Regulatory Technical Standards (RTS) setting out the new European Single Electronic Format (ESEF). Under the draft regulation, starting in 2020, financial reports containing IFRS consolidated financial statements shall be labelled with XBRL tags. See also XBRL assurance References External links The XBRL Specification subsite - information for developers, with direct access to specifications, conformance suites and FAQ - the US jurisdiction