Posted on Wednesday, April 20, 2022

The XBRL US Data Quality Committee (DQC) has published its 18th Rule Set for a 45-day public review and comment period, which closes on May 30, 2022. The freely available DQC rules are developed through a collaborative process with stakeholders by exposing proposed guidance and validation rules for public comment. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) act as observers of the DQC. The DQC incorporates guidance from the accounting standard setters to ensure that filers have consistent, reliable rules that are accepted by authoritative sources.

This latest draft rule set contains five rules specific to US GAAP filers:

  • Equity Method Investment (EMI) Reporting. This rule will assist filers in reporting Equity Method Investment data consistent with the guidance issued by the FASB “Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities”.
  • Investment Schedule – Financial Instrument Axis. This rule will help filers use the appropriate dimension and align with the FASB guidance “Financial Instruments Debt Securities”.
  • Extensible Enumerations for Financial Statement Captions. This rule supports filers’ correct use of extensible enumerations as defined by the FASB.
  • Caption Value Matches Financial Statements. This rule captures mismatches between extensible list items and the financial statement referenced.
  • Location Axis with a Single Member. This rule identifies cases where the BalanceSheetLocationAxis or the IncomeStatementLocationAxis is used with only a single member. In those cases, the extensible enumerations should have been used.

“Our collaboration with the DQC is based on the premise that establishing a single set of agreed-upon rules can provide a baseline for data quality”, said Louis Matherne, Chief of Taxonomy Development at the FASB, “This industry-driven approach is making a difference as we see better quality data coming out of the filings submitted to the SEC. That’s why we incorporate the DQC rules into the US GAAP Taxonomy – to encourage their use by all filers.”

The Financial Accounting Standards Board (FASB) maintains the Data Quality Committee Rules Taxonomy (DQCRT) which has incorporated 15 DQC rules into the FASB US GAAP Financial Reporting Taxonomy 2022 release.

DQC rules are freely available to US GAAP and IFRS issuers to help validate their filings and identify potential errors. Using DQC rules aids issuers to prepare consistent, high quality XBRL financials, by providing automated checks that test XBRL-formatted financial statements prior to SEC submission. The DQC is funded through the XBRL US Center for Data Quality.

Issuers that use the freely available rules can find and correct errors, to ensure that regulators and investors are provided with good quality data and the most accurate view of corporate financial health. Filers, data providers, investors, accountants, and preparation tool providers are encouraged to review and comment on the proposed rules. Access the public review for DQC Rule Set 18:

The XBRL US Filing Results & Quality Checks application allows SEC Filers or other interested parties to check EDGAR submissions for DQC errors for any company here:

Graphical depictions of historical DQC error count, categorized by rule type, can be seen here:

Filers have immediate access to all final approved rules as well as the 18th Rule Set in public review so that they can check their filings prior to SEC submission. There are several options available to filers:

To access the approved rules and guidance, go to:

Members of the XBRL US Center for Data Quality include Altova, the American Institute of CPAs (AICPA), Broadridge Financial Solutions, Certent, an insightsoftware company, DataTracks, Donnelley Financial Solutions (DFIN)P3 Data Systems, RDG Filings, Toppan Merrill, and Workiva, Inc.

For more information on the XBRL US Data Quality Committee and the Center for Data Quality, go to:


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