XBRL US DQC offers guidance on warnings in SEC test filings

Posted on January 28, 2022 by Editor

The XBRL US Data Quality Committee (DQC) has released new guidance on how to avoid and respond to warnings when submitting digital test filings to the US Securities and Exchange Commission (SEC).

As the DQC states, the SEC test submission system, known as EDGAR, currently returns warnings for several conditions which should be evaluated to ensure that there are no false positives. The DQC responds to a number of questions around areas such as correct tagging of auditor information and inclusion of Auditor Firm ID, negative values, hidden facts, and missing tax identifiers. Incorrect signs, for example, are a common source of error – not just in the US – so when certain facts are tagged with a negative value they are automatically flagged with a warning, even though valid exclusions may apply. DQC validation rules are available to allow a more comprehensive check on this issue.

The DQC notes that the Q&A is intended as general guidance, and should not be relied on as authoritative; it encourages filers to consult with their own legal teams, and with the SEC directly. Nevertheless, there is some really helpful information here on how to deal with specific tagging concerns, understand why warnings may occur, and evaluate their significance (or otherwise!).

Read more here.

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