The XBRL US Data Quality Committee (DQC) has finalized, approved, and published its 12th Ruleset for public review.
The DQC helps enhance data accuracy by providing US GAAP and IFRS filers with freely available automated checks that can test an XBRL financial statement prior to SEC submission. Using the rules helps issuers find and correct errors, ensuring that regulators and markets get good quality data and an accurate view of a firm’s finances.
The latest DQC 12th Ruleset published by XBRL US contains new rules which alert filers when an invalid value is reported for a percentage item; when values on Maturity schedules are not tagged correctly; and when the scale is incorrect for values reported for common stock outstanding.
The Ruleset also contains new rules for IFRS filers which identify values reported as positive that should be negative and for certain values that do not aggregate correctly.
The review period is 45 days, closing on 1 June. As usual, US GAAP and IFRS filers, investors and data providers are encouraged to review and comment on the rules.
Read more and access the 12th Ruleset here.
Source: XBRL International