Lou Rohman, vice president of XBRL services at Merrill Corporation, a member of XBRL US’s Data Quality Committee, recommends that financial statement preparers take a closer look at the guidance being issued by his committee. Documents on the committee’s website provide guidance and validation rules that should be used for the filings.
“The SEC gets the information and puts it in a database and then users come in to use it,” he said. “The challenge is getting clean, good data in that database. That’s always going to be an issue. Any database has errors in the data.”