Need to build an XBRL taxonomy? Widespread errors and how to avoid them
“In this age of digital reporting, hundreds of XBRL taxonomies are published every year,” says Katherine Haigh, member of the XBRL International Best Practices Board and Quality Assurance Manager at CoreFiling. That is great news in terms of expanding use of the XBRL standard, but it also means that we are starting to see a few common errors that repeatedly crop up in taxonomies. As Katherine says, “these issues can limit their usefulness, slow down implementation and even delay the collection of data.”
In her guest post in the Taggings section of the XBRL International website, she looks at what these mistakes are and how to avoid them. As she explains, validity issues can be caused by something as simple as a typographical error like a difference in case between the name of a file and a reference to that file. She also covers taxonomy package and best practice issues.
A must-read post for standards setters and regulators involved in taxonomy production – find it here.