SEC EDGAR Filer Manual incorporates certain XBRL US data quality rules
We’re delighted to see the US Securities and Exchange Commission (SEC) incorporate a number of the DQC data quality rules in the revised EDGAR Filer Manual (Volume II), with an implementation date of 22 March 2021.
The Electronic Data Gathering, Analysis, and Retrieval system, or EDGAR, is the SEC’s all-in-one data portal. The Commission announced a number of changes in EDGAR Release 21.1, including the fact that EDGAR will now support new data quality-enhancing checks as introduced by the Financial Accounting Standards Board (FASB) in US GAAP Taxonomy Release 2021.
As the SEC notes in its release, these deploy the DQC Rules Taxonomy (DQCRT) developed through public review in collaboration with market participants via the XBRL US Data Quality Committee (DQC). Importantly, “EDGAR will inform filers of certain quality defects via warning messages.”
This is very welcome news – incorporation of machine executable data-quality rules and their active and ongoing improvement is a key best practice in digital reporting. Congratulations to the XBRL US Data Quality Committee, the FASB team and the SEC!