Invites issuers, vendors & analysts to access guidance and rules
XBRL US announced that the Data Quality Committee (DQC) has finalized and published a guidance document for tagging the Statement of Cash Flow Guidance along with two new automated rulesets, to help issuers prepare their XBRL financial statements. In addition, the DQC issued Guiding Principles for Element Selection, a set of guidelines to help filers consistently select elements and model data, designed to improve the usability of XBRL data, and enable easier data comparison. DQC rules and guidance are freely available materials, developed for issuers to use to identify and correct errors in their SEC filings, prior to SEC submission. The DQC, which is funded through the XBRL US 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 Guiding Principles for Element Selection contains four guidelines developed by the DQC as a foundation for all guidance developed. These principles were followed when developing the Statement of Cash Flow Guidance, which provides issuers with comprehensive direction on structuring and tagging the cash flow statement, using the US GAAP Financial Reporting Taxonomy. A set of rules (ruleset version 5.0.0) were also issued to test compliance with this guidance.
Ruleset version 4.0.0 includes automated assertions covering reversed calculation and dimensional equivalents. All materials were subject to a 45-day review period, and comments received were evaluated and incorporated.
“Every issuer should take full advantage of this guidance” noted Steve Soter, Sr. Director of Finance and Controller for Backcountry.com, who is also a member of the Data Quality Committee, ”Getting your financials right, whether it’s the HTML or the XBRL version, is obviously paramount for your investors, your analysts and for data consumers. These guidelines can help make that happen.”
To help issuers understand and begin applying the detailed guidance and rules, XBRL US is conducting a webinar on November 29 at 3PM ET. Those interested can register for this free event here: https://xbrl.us/events/20171129
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
To access the approved rules and guidance, go to: https://xbrl.us/data-quality/rules-guidance/
