Data Quality Committee Seeks Public Review of Additional Validation Rules and Guidance for SEC Filers
Use of Validation rules made available earlier this year by the Data Quality Committee in the US have resulted in a marked improvement on the data submitted to the SEC. Now XBRL US is seeking public comment on five new additional sets of rules to address common XBRL input errors, including inappropriate combinations of concepts, concepts that are no longer supported by the US GAAP Taxonomy and inappropriate positive or negative values. Analysis has shown that the use of these proposed rules would have identified potential errors in a substantial number of filings submitted to the SEC in the last year.
Even if you’re not in the US and therefore aren’t impacted directly by these rules, we strongly encourage you to take a look. Data quality is an issue everywhere and the positive work being done by the DQC can and should be emulated elsewhere. In fact, XBRL International’s guidance is clear: data collections carried out in XBRL should always include machine executable business rules that can help improve quality. The proposed rules and guidance are available for comment in this public exposure period through 31 August. Learn more.