XBRL US Data Quality Committee Approves 7th Ruleset
The XBRL US Data Quality Committee (DQC) has approved its 7th ruleset which includes 13 types of validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy as well as two guidance documents. The DQC also published an 8th Ruleset for a public review and comment period, which ends on 1 February 2019.The DQC is responsible for developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data filed with the SEC, focusing on data quality issues that could impact data analysis.
“Every rule developed by the DQC goes through a rigorous multi-step process to assess the impact of the rule, guard against false positives, and ensure that the rule message provides clear and unambiguous instruction,” said Lou Rohman, Chair of the DQC and Vice President, XBRL Services, Merrill Corporation, “We collect input from data providers, investors and analysts, issuers and service providers as we develop each ruleset, and we analyze historical filings submitted by all SEC filers.”
The draft 8th Proposed Ruleset contains rules specifically for IFRS filers and focuses on negative values and extension errors. A free webinar will be held on 16 January to present the rules.
Register for the webinar here.
Read the approved 7th ruleset and guidance here.