SEC filers encouraged to run rules to improve XBRL data quality
XBRL US announced today that the XBRL US Data Quality Committee has approved and published the first set of validation rules to help public companies detect inconsistencies or errors in their XBRL-formatted financial data. The rules cover approximately 2,400 XBRL US GAAP Taxonomy concepts and identify potential errors such as incorrect negative values, improper relationships between elements, and incorrect dates associated with certain data. The Committee approved these rules after considering comments received during a 60 day public review period. The Committee has set an effective date for public company compliance with the rules of January 1, 2016.
The rules are freely available and can be accessed on the XBRL US web site or through XBRL service providers. The rules are available at www.xbrl.us. Software providers that put the rules into a software tool may have the rules approved by the XBRL US Center for Data Quality. When the rules identify a potential error, they provide detailed information on the potential error with guidance on how to correct it. In addition, an explanation of each rule’s function is available on the XBRL US website in a downloadable PDF file. XBRL US will conduct a webinar on December 2 at 3PM ET to explain how filers can use the rules. Learn more https://xbrl.us/events/dataquality-webinar-20151202
Over the coming months, the Committee will issue guidance to clarify when it is appropriate to use custom, company specific tags and to address inconsistencies in the tagging of similar data. The Committee will also issue rules to detect additional potential errors and to verify compliance with guidance issued by the SEC, FASB or the Committee.
“Accurate, timely public company financials are critical to the efficient functioning of the capital markets. The guidance and rules developed by the Data Quality Committee help companies create more accurate and ultimately more consistent financial data for shareholders and regulators,” said Craig Lewis, Professor of Finance, Vanderbilt University, formerly Chief Economist, Securities and Exchange Commission, who is a member of the Data Quality Committee.
To access the rules, go to: https://xbrl.us/data-quality/rules-guidance
For more information on the XBRL US Center for Data Quality and the Data Quality Committee go to: https://xbrl.us/data-quality.
About XBRL US
XBRL US is the non-profit consortium for XBRL business reporting standards in the U.S. and it represents the business information supply chain. Its mission is to support the implementation of XBRL business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission and has developed a taxonomy for corporate actions.
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