Posted on Friday, February 26, 2021

The Securities and Exchange Commission (SEC) announced the publication of the DRAFT EDGAR Filer Manual (Volume II) with an implementation date of March 22, 2021. The SEC announced a number of changes in EDGAR Release 21.1 including the fact that EDGAR will support XBRL US Data Quality Committee (DQC) rules in the US GAAP Taxonomy Release 2021. This is continuing acknowledgement by the Commission of the importance of data quality and the work of the DQC. The SEC release notes the following about the DQC rules:

EDGAR will support new data quality-enhancing checks included by FASB in the US-GAAP 2021 taxonomy. Its DQC Rules Taxonomy (DQCRT) was developed through public review in collaboration with market participants via the XBRL US Data Quality Committee (DQC). EDGAR will inform filers of certain quality defects via warning messages, in much the same way that EDGAR informs filers of inconsistencies between the submission header and the content of cover pages. Examples of incorrect use are when filers use a negative value to tag accounts payable or compensation expense, use non-standard values for sets of terms already stipulated in the taxonomy such as the three levels of the fair value hierarchy, and tag amounts as total liabilities that do not equal the sum of amounts tagged as current liabilities and noncurrent liabilities.

Read the SEC announcement.

 

 



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