DQC Publish 11th Ruleset
This week the Data Quality Committee (DQC) published its 11th Ruleset for a 45-day public exposure period, set to end January 3, 2020.
The DQC rules help issuers prepare consistently high-quality financials by providing automated checks that test an XBRL-formatted financial statement prior to SEC submission. This helps issuers find and correct errors, ensuring regulators and investors receive good quality data that gives an accurate view of corporate financial health.
The latest ruleset contains automated checks that help users identify the correct tagging for deferred tax information and operating leases, two topics that have been impacted by new accounting standards.
“We strongly encourage SEC filers, using either US GAAP or IFRS, to review the individual rules and test them against their own XBRL financials to see if any of these errors are triggered,” said Joan Berg, Chair of the XBRL US DQC; and Director, XBRL Services at Toppan Merrill, “Let us know about your experience. Do you agree with an error that was triggered? Is the message you received understandable and did it provide sufficient information to correct? This type of input is critical to help us improve the usability of the rules for issuers.”
Testing the rules, giving feedback and using the DQC rules in filings prior to SEC submission are great ways to help ensure long-term improvement in data quality – so please do participate where possible! To find out more register for the DCQ webinar on December 2.