In October, 2018, the Data Quality Committee – a collaborative of public companies, providers and data users working to improve standardized financial reporting – approved version 7 of freely-available rules and guidance to help filers using US GAAP and IFRS Taxonomies supported by the US Securities and Exchange Commission detect and resolve inconsistencies or errors in XBRL-formatted financial data.
Items tagged with "rules"
In the current public exposure period of rules and guidance for public company filers, the Data Quality Committee (DQC) seeks comment on version 7 of the DQC Rules and related Guidance for Legal Entities & Consolidation and Revenue Recognition through Monday, September 10, 2018.
XBRL US started a 90-day public exposure period on April 17 for the XBRL US Style Guide which has been revised and updated by the Domain Steering Committee. The comment period closes on July 17. The Style Guide is designed to be used by developers as they build new taxonomies or update existing taxonomies, to […more]
Public companies and XBRL US Members can use this free, secure service to check their filings against rules approved by the Data Quality Committee (DQC), as well as rules recently exposed for comment. There’s also a third-party tool available to check filings with DQC rules.
The Committee is responsible for developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data filed with the SEC. The Committee focuses on data quality issues that adversely affect data consumption and analysis and prioritizes issues based on input from users. The Committee provides an open collaborative process with stakeholders through exposure of its proposed guidance and validation rules for public comment. Members of the Committee include representatives from software providers, data aggregators, institutional investors, the accounting profession and academia.