Approximate Public Exposure Periods for DQC Rules and Guidance
  • April 15 – May 31
  • July 15 – August 31
  • November 15- December 31

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 15 – the Data Quality Committee seeks comment on nine new rules, including Fact Value Consistency Over Time for filers using the IFRS Taxonomy, plus updates to Non-negatives for US GAAP filers using the 2021 taxonomy (DQC_0015), from April 15 through May 31.

The latest plugin releases are linked at right. See the schedule in the inset box for approximate public exposure period timing.

For each rule or guidance item listed below, click the title to review its comprehensive documentation. To post your comments, you will need to login and agree to Terms and Conditions for Public Comments. Comments received can be reviewed without logging in.

When providing feedback about guidance or a rule, please consider the following:

  • What is the concern with the proposed rule? Please be as specific as possible and include examples using data submitted to the SEC.
  • How should the rule be revised?
  • How does the revision to the rule improve the usability of the data?

Use this link for general feedback on all rules and guidance.

Public Exposure of Validation Rules - RSS
Comment period ends as noted for each Data Quality Committee document listed below.

DQC_0015-v15

US GAAP

Negative Values

Comments are due Monday, May 31, 2021.

Version 15 includes 187 elements for public comment from the 2021 US GAAP Taxonomy. See DQC_0015_ListOfElements spreadsheet – v15 for details.

Elements that should not be reported with negative values. Documentation includes a list of elements tested.

This rule is for filings using US GAAP Taxonomies, only.
DQC 0080 Negative Values is for filings using IFRS Taxonomies


DQC_0107

US GAAP

General Text Block

Comments are due Monday, May 31, 2021.

The rule identifies where the text block “Schedule Of Acquired Finite Lived Intangible Assets By Major Class Text Block” is used with a value on the Business Acquisition Axis.


DQC_0108

US GAAP

Fact Value Consistency Over Time

Comments are due Monday, May 31, 2021.

The rule identifies those facts that are only expected to grow over a reporting period. This rule is intended to identify those cases where the value of a monetary fact has a larger value reported than the value reported for another fact that represents the same concept, but over a longer duration of time. The rule also identifies any elements that cannot be negative but may increase or decrease over a measurement period. The rule excludes the following elements that meet this category, CapitalExpendituresIncurredButNotYetPaid and ConstructionInProgressExpendituresIncurredButNotYetPaid.


DQC_0109

US GAAP

Concentration Risk

Comments are due Monday, May 31, 2021.

This rule consists of a number of parts that check concentration risks are reported correctly. All of the parts use the line item ConcentrationRiskPercentage1. The correct reporting of concentration risk requires use of multiple dimensions. The Concentration Risk by Benchmark Axis and Concentration Risk by Type Axis are required for all disclosures. A third axis (e.g., Major Customers Axis or Statement Geographical Axis) may be used to disaggregate the data.


DQC_0110

1 comment

US GAAP

Missing Business Acquisition Axis (Short Period)

Comments are due Monday, May 31, 2021.

This rule identifies where the company has reported the details of a specific acquisition but has not identified the actual acquisition. It also identifies those cases where the aggregate consideration transferred for the reporting period has not been reported using appropriate dates. This rule will flag errors for those cases where the company has not used the Business Acquisition Axis. The rule looks for those cases where the element BusinessCombinationConsiderationTransferred1 has been used with no dimensions but has been reported with a duration period less than the reporting period by 20 days.


DQC_0112

US GAAP

Line Items Requiring the Business Acquisition Axis

Comments are due Monday, May 31, 2021.

This rule is intended to identify those cases where the company reports facts that are expected to include the business acquisition axis. The rule checks a list of line item concepts are reported with the business acquisition axis and a member representing the actual acquisition.


DQC_0113

US GAAP

Gross Acquisition Less Than Net Acquisition

Comments are due Monday, May 31, 2021.

This rule ensures that filers use the correct elements to identify the Gross Payments and the Net Payments for business acquisitions. This rule is intended to identify those cases where the company reports the total “Payments To Acquire Businesses Gross” with an amount that is less than the value of “Payments To Acquire Businesses Net Of Cash Acquired”.


DQC_0114

1 comment

US GAAP

Assets Acquired Net of Goodwill

Comments are due Monday, May 31, 2021.

This rule is intended to identify those cases where the company reports the values of Assets acquired and liabilities assumed excluding goodwill, the value of assets acquired and liabilities assumed including goodwill and the value of goodwill. The rule flags an error when the value net of goodwill plus goodwill does not equal the amount including goodwill. This rule will only run on those facts that use the BusinessAcquisitionAxis.


DQC_0115

IFRS

Fact Value Consistency Over Time

Comments are due Monday, May 31, 2021.

This rule ensures that filers consistently use the same element across durations of time. This rule flags an error for those cases where the value of a monetary fact has a larger value reported than the value reported for another fact that represents the same concept, but over a longer duration of time. This is based on the list of items that cannot be negative. Of these, the rule only identifies those concepts that are monetary and have a period of a duration.


DQC_0116

US GAAP

Line Items Requiring the Asset Acquisition Axis

Comments are due Monday, May 31, 2021.

This rule is intended to identify those cases where the company reports facts that are expected to include the Asset Acquisition Axis. The rule flags an error when specific line item concepts are reported without the Asset Acquisition Axis and a member representing the actual acquisition.




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