XBRL Financial Data Quality Committee Charter

Objective

Ensure that the quality of XBRL data filed with the SEC is sufficient to enable automated analysis of that data. Following are the common causes of XBRL data errors that impede automated analysis and create the perception, if not reality, that automated analysis is impractical:

• Inconsistent or incorrect data modeling
  • Incorrect tag selection, including use of a custom tag in lieu of a standard tag
  • Inconsistent or incorrect use of dimensions
  • Missing calculation relationships
• Input mistakes when tagging data
  • Incorrect value attributes (e.g., scale; units; and balance, period, and data types)
  • Incorrect positive and negative values
  • Incorrect reporting dates

Activities

• Develop validation rules to detect XBRL data errors and prescriptive guidance for data modeling
• Liaise with regulators and users on XBRL data quality issues
• Provide a forum for the timely resolution of XBRL data issues
• Monitor and report to industry and the public on data quality issues in filings
• Provide feedback to FASB on taxonomy improvements to facilitate the ease of using and producing XBRL data

Scope

XBRL filings made as part of the SEC filing program.

Size and Representation

The size of the committee is a minimum of 11 members and cannot exceed 13 members. The initial size of the committee will be 13 members. Members will be comprised from the following groups.

• Consortium members (5 selected from the founding members of the Consortium)
• Data Aggregators (2 – one large, one small)
• Investors/Analysts (3)
• At large member (1 to 3)

Each member of the Committee will be required to have experience with one or more of the following:

• Financial data analysis
• Financial reporting
• U.S. GAAP taxonomy
• IFRS taxonomy
• XBRL standard
• Data modeling

The board of directors of XBRL US will appoint the chair and the other members of the Committee for three year terms. In addition, representatives from the SEC, XBRL US, FASB, and IASB will participate as permanent observers and the committee is open to other observers.