XBRL US Launches Center for Data Quality
Market-Driven Center Formed to Address XBRL Data Quality Concerns and Improve the Utility of XBRL Data in the US
XBRL US and an alliance of five companies – Merrill Corporation, RDG Filings, RR Donnelley, Vintage, a Division of PR Newswire, and Workiva Inc. have announced the joint formation of the XBRL US Center for Data Quality
to improve the utility of XBRL financial data filed with the U.S. Securities and Exchange Commission (SEC). See the press release for details of the announcement.
The newly formed entity will work through the existing XBRL US Data Quality Committee to provide guidance on uniform, consistent tagging of financial data and on the use of extensions, as well as develop automated validation rules to verify compliance with the Committee’s guidance and to prevent or detect tagging errors. The rules will be made freely available to all interested stakeholders.
XBRL International applauds the US public filing community for taking these proactive steps to address real and perceived data quality problems in US filings in such an open and collaborative manner. The CDQ will help improve the consistency and reliability of digital filings about publicly listed securities in the United States.
In addition to the vital financial support provided to the CDQ by the alliance of firms set out above, it’s very pleasing to see the collaboration that is happening inside the operating committee that is working on the rules themselves. There are representatives from across the supply chain, including data vendors and the analyst community.