Improving the Quality of Public Company Data
Investors and analysts have indicated that errors and inconsistencies in XBRL data filed with the SEC have been a major impediment to using the data.
To improve the usability of the XBRL data, an alliance of XBRL US Members has established the Center for Data Quality to fund the activities of a Data Quality Committee, which develops freely available guidance and validation rules for public companies. Rules and guidance created are shared during a public exposure period. The rules should be run by public companies to detect or prevent errors and verify compliance with guidance issued by the SEC, the FASB, and the Committee.
Service providers that are members of the Center for Data Quality are required, as an obligation of such membership, to incorporate guidance and validation rules in their processes and tools for tagging XBRL data. Public companies are encouraged to use software applications that have been certified to successfully run the most current set of rules. A list of certified applications can be found here.
Education, Tools & Services
To further improve the quality of public company financials, filers and filing agents should get the proper training through XBRL US educational programs, including workshops, an online certificate program and webinars.
Consider becoming an SEC Filer Member, to gain access to a database of XBRL data for peer analysis, a tool to compare changes in new taxonomy releases, comprehensive validation rules and reduced rates on educational programs. Members can login and use these tools.
Public company accountants should also learn about tools and services from XBRL US Members like the samples noted at right.
On June 28, 2018, the SEC approved a final rule requiring Inline XBRL for filings submitted by operating companies and funds.
For entities using U.S. GAAP, operating company compliance phases in over three years depending on category of filer.
- Large accelerated filers start with their first fiscal period ending on or after June 15, 2019
- Accelerated filers start with their first fiscal period ending on or after June 15, 2020
- All other filers (including foreign private issuers) start with their first fiscal period ending on or after June 15, 2021
Regardless of phase, all filers comply beginning with the first 10-Q submitted after the compliance date.
Funds compliance also phase in over three years but will start later: large fund groups (net assets of $1 billion or more as of the end of their most recent fiscal year) comply two years after the effective date of the amendments; and all other funds comply three years after the effective date of the amendments. The 15 business day filing period for risk/return summary XBRL data is eliminated.
Find out what Inline XBRL is and how it impacts stakeholders.
The latest tagged as 'Inline XBRL'
Click on titles below or browse additional resources.
Other Legislative Issues Related to SEC Reporting
XBRL US actively advocates in support of XBRL to Congress and government agencies through in-person meetings, providing testimony and letters to Congress and regulators. Learn more about the SEC’s Disclosure Effectiveness initiative, proposed legislation and XBRL US’ work to educate Congress and regulators on the value of XBRL on the Advocacy page.
Current SEC-Accepted Taxonomies
Use the links below to browse approved and supported taxonomies or view the entire collection of XBRL Taxonomies for SEC reporting initially developed in the United States, including superseded versions of US GAAP, Mutual Fund and Credit Rating Agency taxonomies.