Public review and comment is a critical part of the process of improving the usability of XBRL filed with the SEC. Generally, rules are considered for approval within 45 days of the close of public exposure for comment, and should be implemented in all filings within 90 days of approval.
In its latest Public Review period – version 18 – the Data Quality Committee sought comment on five new automated checks, including updates to rules for filers using the US GAAP taxonomies, from April 15 through Tuesday, May 31, 2022.
The latest compiled rule releases and reference implementation code are linked at right. These resources can be used with Arelle – the free, open source XBRL processor – and Xule rules engine. See the schedule in the inset box for approximate public exposure period timing.
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The purpose of the rule is to ensure that filers consistently report Equity Method Investment (EMI) data. This rule has three components to help filers to ensure that they are consistent with the guidance issued by the FASB “Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities”.
The purpose of the rule is to ensure that filers report values associated with the element AvailableForSaleDebtSecuritiesAmortizedCostBasis with the correct dimensions. The rule is intended to align filer disclosures with the guidance defined by the FASB in “Financial Instruments Debt Securities”.
The FASB has defined a number of elements that if reported and are not included in the face financial statements, filers need to indicate which financial statement caption the amounts appear (these elements have been identified in the US GAAP taxonomy as extensible enumeration elements). This rule has two components. The first component identifies an error if the company has made a disclosure and has not included the caption where the amount appears in the financial statements. The second reports an error for a fact that includes the Balance Sheet and Income Statement Location axis and does not have an associated extensible enumeration using the same dimensions.
This rule is intended to identify those cases where the company uses an extensible list item that refers to a Balance Sheet or Income Statement line item that does not exist on the referenced Statement. The rule checks that the values provided for the extensible list items defined in the taxonomy are legitimate financial statement line items that appear in the presentation linkbase.
This rule identifies those cases where the company uses the location axes for the balance sheet or the income statement to indicate where a value in the notes appears on the financial statement. This rule identifies those cases where the location axis is used but only a single value appears for a concept and the specific location axis. This rule only checks those facts using either the BalanceSheetLocationAxis or the IncomeStatementLocationAxis.
Effective for the 2021 US GAAP Taxonomy, FASB issued Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities.
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