Posted on Thursday, November 18, 2021

Attend December 2 webinar for review of proposed and recently approved rule sets

The XBRL US Data Quality Committee (DQC) has published its 17th Rule Set for a 45-day public review and comment period, which closes on December 31, 2021. This latest draft rule set contains three rules specific to US GAAP filers, two rules for IFRS filers, and three rules for both US GAAP and IFRS filers. The rule set also contains updates to two existing rules.

The 17th DQC Rule Set contains the following rules:

  • For US GAAP filers only:
    • Lease Cost Cannot be Negative
    • Lease Allocation in Balance Sheet
    • Operating Lease Amortization
  • For both US GAAP and IFRS filers:
    • Dimensional Values Larger than the Default
    • Financial Statement Calculation Check with Non Dimensional Data
    • Incorrect Dimensional Item Used on Financial Statements
  • For IFRS filers only:
    • Dimensional Equivalents
    • Earnings Per Share Calculation
  • Updates to existing rules for US GAAP filers:
    • Cash Flow Opening and Closing Balances
    • Line Items Requiring the Asset Acquisition Axis

The Financial Accounting Standards Board (FASB) maintains the Data Quality Committee Rules Taxonomy (DQCRT) which incorporated six DQC rules, covering hundreds of XBRL concepts, into the FASB US GAAP Financial Reporting Taxonomy 2021 release. The 2022 draft US GAAP Financial Reporting Taxonomy contains an additional nine DQC rules for a total of fifteen DQC rules.

The DQC will hold a webinar on December 2, 2021, to describe the draft rules and their impact on issuers, and they will also present the recently approved Rule Set 16 which was published in September, and has an effective date of December 1, 2021. All are invited to register:

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 17:

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 17th 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:

Upcoming XBRL US Events

Webinar: SEC Rule – Tailored Shareholder Reports for Mutual Funds and ETFs
Wednesday, May 15, 2024

Domain Steering Committee Meeting
Tuesday, May 21, 2024

Communications & Services Steering Committee Meeting
Tuesday, May 21, 2024

GovFin 2024: Municipal Reporting Workshop
Tuesday, July 30, 2024