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The article reports that errors persist into 2014 year-end XBRL filings in the U.S. as Form 10-Ks and 10-Qs mostly filed through the early part of 2015.

The article focuses on the aspects of accounting reports error through accounting process considering the U.S. Securities and Exchange Commission (SEC) policy requirements under Generally Accepted Accounting Principles (GAAP). Topics discussed include the importance of considering immaterial items such as minor fixed assets, overhead costs and straight-line interest expense, the proposal of adjustments by auditors, and the implication of quantifying the effect of the policy on companies.

The article reports that U.S. Securities and Exchange Commission (SEC) pushes companies to tighten its accounting procedures on its statement of cash flow considering the issue of steady increase in restatements. Topics discussed include several related factors addressed which affects the accuracy of the reports such as the information from the company, accounting staff, and timing, the role of inspectors on the reporting process, and the issue of classification approach in the process.

The article discusses issues related to accounting errors stated by the auto rental company Hertz. It is noted that the firm in a Form 8-K filing in June 2014 warned that its current quarterly filing would be late and that its financial statements for 2011 should no longer be relied upon. It is noted that the firm also expressed material weakness in internal control over financial reporting as of December 31, 2013.