XBRL US announced today that RDG Filings, a full service XBRL preparation and provider of disclosure management tools, has renewed their membership in the XBRL US Center for Data Quality for 2019. The Center for Data Quality is an industry-driven collaborative with a mission to address the public’s concerns about the quality and usability of XBRL financial data filed with the SEC. Through the support of the Center, guidance and validation rules, which can be used to prevent or detect inconsistencies or errors in XBRL submissions to the SEC, are made freely available to all public companies.
“The Center is an industry-led effort to support producers and users of financial data, and to reduce the need for a heavy hand by regulators that can be inaccurate, expensive and inflexible,” said Campbell Pryde, President and CEO of XBRL US, “RDG Filings is one of the founding members of the Center for Data Quality. By announcing their support for the Center in 2019, RDG demonstrates its commitment to filers and data users by taking a non-regulatory approach to better data quality.”
The XBRL US Center was launched as an industry-led consortium in 2015. The Center funds the work of the Data Quality Committee (DQC), which is comprised of analysts, investors, filing agents, tool providers, and issuers.
The DQC has published seven Rulesets, covering potential error types such as negative value errors, axes that are used with inappropriate members, element values that should be equal, context date problems, reversed calculations, equivalency errors, and the use of deprecated elements. Rules are developed through a rigorous seven step process to ensure that rules are clear, unambiguous and easy for issuers to implement, and to guard against false positives. The DQC has also published supporting documents: Statement of Cash Flows Guidance, Guidance on Tagging Axis and Members, and Guiding Principles of Element Selection.
RDG Filings’ President, Jonathan Elliott added, “RDG is excited to support the Center for Data Quality in 2019. Providing better data quality tools and improved rule guidance for filers is at the heart of improving data quality and data usage. As the SEC continues to enhance its review of XBRL data, we are looking forward to helping the DQC rulesets evolve.
To learn more about the XBRL US Center for Data Quality, visit https://xbrl.us/data-quality/center/
To access the approved rules, visit: https://xbrl.us/data-quality/rules-guidance/