XBRL US: Public Review for IFRS Validation Rules
Fed up providing feedback on new taxonomy releases and validation rules? We thought not. And just as well. The XBRL US Data Quality Committee (DQC) this week announced that it has initiated a public review period for its sixth-set of freely available proposed rules, which now includes rules for foreign private issuers (FPI) filing using the IFRS Taxonomy.
To support FPIs, the DQC is developing rules for preparers using the IFRS Taxonomy, in addition to those using the US GAAP Financial Reporting Taxonomy.
Five rules specific to the IFRS Taxonomy are in this latest ruleset and more are on the way. New rules are also available for US GAAP filers.
Public review will end on May 7 and for those keen to contribute additional information on ways to submit feedback can be found here. However, you may want to save the date for April 11 when XBRL US will be hosting a one-hour webinar to present the new rules and demonstrate how to participate in the public review.