Invites US and foreign private issuers to use the rules by the June 29 effective date.
The XBRL US Data Quality Committee (DQC) has approved, finalized, and published its 6th ruleset which includes validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy and 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. The rules were exposed for a public review period which ended on May 7, 2018.
Rules are free and publicly available. This release has an effective date of June 29, 2018, and should be used for filings submitted to the SEC after that date, however issuers can begin using them immediately. There are several options to use the rules:
- Through software that has been certified to run with the ruleset: https://xbrl.us/data-quality/certification/
- By using the XBRL US checking tool: https://xbrl.us/data-quality/rules-guidance/check-filing/
- By downloading the Approved Rules and using them with Arelle – the open source version of the SEC’s EDGAR Renderer/Previewer: https://github.com/DataQualityCommittee/dqc_us_rules/releases/tag/v6.0.1
“The goal of the Center for Data Quality is to ensure that every filer has free access to these rules through their XBRL preparation software, or through open source tools available,” said Campbell Pryde, President and CEO, XBRL US, “Widespread use of the rules by all issuers ensures financial data is more consistent and comparable for investors and regulators, who rely on the availability of computer-readable financial data.”
Rules that apply to the IFRS Taxonomy will help to identify errors that can occur in IFRS filings when using dates, document entity information, and axes. The DQC intends to continue adding to its rules to handle IFRS filings.
Rules for US GAAP filings have been updated to reflect changes resulting from the use of the SEC Reporting Taxonomy (SRT), and has expanded the test for negative values for new elements that were added to the 2018 US GAAP Financial Reporting Taxonomy.
To access the approved rules and guidance, go to: https://xbrl.us/rules-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