Public review and comment period open through May 7, 2018
The XBRL US Data Quality Committee (DQC) announced that it has initiated a public review period for the sixth set of freely available, proposed rules, which now includes rules for foreign private issuers (FPI) filing using the IFRS Taxonomy. DQC rules and guidance are designed to be used by issuers to identify and correct errors in their SEC filings. The DQC, which is funded through the Center for Data Quality, is responsible for developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data filed with the SEC, and focuses on data quality issues that adversely affect data analysis.
To support FPIs, the DQC is now developing rules for preparers using the IFRS Taxonomy, in addition to those using the US GAAP Financial Reporting Taxonomy. The Securities and Exchange Commission announced in March 2017, that the IFRS Taxonomy was available for FPIs to submit their financial statements in XBRL. Five rules specific to the IFRS Taxonomy in this latest ruleset cover potential errors in reversed calculations, date contexts, and the use of axes. New rules are also available for US GAAP filers, covering additional negative value errors and inappropriate axes usage. On April 11, a one-hour webinar will be held to present the new rules and demonstrate how to participate in the public review.
“Foreign private issuers, working with the newly approved IFRS Taxonomy, face the same challenges as those using the US GAAP Taxonomy,” said Campbell Pryde, CEO of XBRL US, “The DQC is committed to providing guidance that will help these issuers prepare good quality financials for investors, regulators, and other data users.”
“These rules are made freely available to all filers, and we strongly encourage all foreign private issuers using the IFRS Taxonomy to run these rules prior to SEC submission,” said Lou Rohman, Chair of the DQC, and Vice President, Merrill Corporation.
The public review period will end on May 7. Issuers, data aggregators, XBRL software and service providers, as well as analysts are invited to review the 6th ruleset, and provide feedback that will be reviewed and potentially incorporated into the final guidance.
Members of the XBRL US Center for Data Quality include Altova, the American Institute of CPAs (AICPA), Certent, DataTracks, Merrill Corporation, P3 Data Systems and Toppan Vintage. For more information on the XBRL US Data Quality Committee and the Center for Data Quality, go to: http://xbrl.us/data-quality