XBRL US consults on latest DQC Ruleset for data checks
The XBRL US Data Quality Committee (DQC) has published its 16th Ruleset for a 45-day public review and comment period, running until 31 August 2021. These rules allow filers to check their data and catch potential errors such as incorrect use of elements, problems in tables and calculation inconsistencies.
This latest draft ruleset includes eight new rules specific to US GAAP filers. It comes hot on the heels of the 15th Ruleset, which was approved in June and will take effect on 1 September 2021.
DCQ rules are freely available to all, allowing issuers to carry out automated validation tests on XBRL-formatted financial statements before submission to the Securities and Exchange Commission (SEC), and correct them if needed. Ultimately, this helps companies produce consistent, high-quality data, and gives investors and regulators a more accurate view of corporate health. The US Financial Accounting Standards Board (FASB) has incorporated a number of DQC rules into the US GAAP Financial Reporting Taxonomy, and plans to add more with each taxonomy release.
A webinar on 4 August will discuss the latest proposals, changes introduced in the 15th Ruleset, and the impact of the rules on SEC data so far.