XBRL Calculations can play an important role in ensuring the quality and accuracy of a financial report, and can flag up errors in both the XBRL tagging and the underlying numbers. Unfortunately, until now, calculation validation reports have been hampered by false positives — validation messages that don’t reflect real issues in the report.
The US Financial Accounting Standards Board (FASB) has launched the 2024 GAAP Financial Reporting Taxonomy (GRT). The new taxonomy integrates the Calculations 1.1 specification, which was finalised by XBRL International earlier this year. The FASB also published the new 2024 SEC Reporting Taxonomy and 2024 DQC Rules Taxonomy – collectively, the three are known as the […]
At this week’s Data Amplified conference in Zurich, XBRL International announced the first software products to be certified for the new Calculations 1.1 specification.
Following the publication of the Calculations 1.1 specification as an XBRL Recommendation last month, the XBRL International Best Practices Board this week approved new guidance on optimal processes for adopting Calculations 1.1.
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