The XBRL US Data Quality Committee (DQC) has finalized, approved, and published its 7th Ruleset which includes 13 types of validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy as well as two guidance documents. The DQC also published an 8th Ruleset for a public review and comment period, which ends on February 1, 2019. The DQC rules and guidance are used by issuers to identify and correct errors in their SEC filings. The DQC is responsible for developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data filed with the SEC, focusing on data quality issues that could impact data analysis. All approved rules and guidance are free and publicly available.
“Every rule developed by the DQC goes through a rigorous multi-step process to assess the impact of the rule, guard against false positives, and ensure that the rule message provides clear and unambiguous instruction,” said Lou Rohman, Chair of the DQC and Vice President, XBRL Services, Merrill Corporation, “We collect input from data providers, investors and analysts, issuers and service providers as we develop each ruleset, and we analyse historical filings submitted by all SEC filers.”
The 7th Approved Ruleset includes checks to identify errors related to axes, negative values, mutually exclusive elements, issues that can occur with pension data, and other error types. The ruleset also includes a guidance document and related rules for companies that have adopted the new revenue standard to be used in conjunction with the FASB’s Taxonomy Implementation Guide for “Revenue from Contracts with Customers”. A guidance document for Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities was also issued with this release.
The draft 8th Proposed Ruleset contains rules specifically for IFRS filers and focuses on negative values and extension errors. A free webinar will be held on 16 January to present the rules.
Register for the webinar here.
Read the approved 7th ruleset and guidance here.