Public Review of the DQC 5th RuleSet & Cash Flow Guidance
XBRL US has announced that the Data Quality Committee (DQC) has initiated a public review for the fifth set of freely available proposed rules in addition to a detailed guide on how to prepare XBRL-formatted cash flow statements that deliver quality financial information.
A webinar will be held on August 2nd for a review of the guidance and rules with instructions on how to provide feedback: https://xbrl.us/events/20170802.
The Guidance document will aid filers by providing the correct structure and tagging of cash flow statements using the US GAAP Financial Reporting Taxonomy. It further provides directions on identifying statements in the taxonomy and the suitable use of elements to represent topics such as financing and investing activities, interest and income tax, gross and net cash flows and cash and cash equivalents. The 5th ruleset contains 11 new topics related to the Cash Flow Guidance including calculation weights in operating cash flows, accrual items used in investing and financing cash flow reconciliation among others.
As discussed above, the DQC guidance and rules are designed for use by issuers in order to identify and correct errors in their SEC filings. Issuers, data aggregators, XBRL software and service providers, as well as analysts, are invited to review the rulesets and the Statement of Cash Flow Guidance to provide feedback that will be reviewed and potentially incorporated into the final document.