Data quality is important. While the XBRL standard goes a long way towards improving data quality, by reducing the need to manually enter and re-key data, preparers can also take further steps to ensure that XBRL financials are error free.
The UK’s Financial Conduct Authority (FCA) recently announced the launch of their new user-friendly data collection platform, RegData.
This week the XBRL US Data Quality Committee (DQC) published its 12th Ruleset for public review.
The use of XBRL can greatly enhance data quality in a reporting ecosystem through the use of automated validation rules. Such rules often include “mandatory fact” rules — facts that are required to be included in every report. The Taxonomy Architecture Guidance Task Force (TAGTF) under the leadership of XBRL International’s Best Practices Board has […]
Extensible Enumerations is a powerful feature of XBRL that enables the creation of concepts that take a value from a pre-defined list.
The Financial Accounting Standards Board (FASB) has incorporated the DQC validation rule documentation into the 2020 release of the US GAAP Financial Reporting Taxonomy. The validation rules, developed by the XBRL US Data Quality Committee (DQC), are used by filers to check the accuracy of their data before they submit it to the SEC. This […]
The European Banking Authority (EBA) recently published an updated list of validation rules and related XBRL taxonomy with the aim of improving data quality for reporting framework v 2.9. The updates include new and amended validation rules, severity status changes and new deactivations/reactivations of validation rules. It will help ensure reported data is accurate and […]
Want to know more about the recently released Data Quality Committees 9thRuleset? This week XBRL US hosted a webinar discussing the changes proposed in the ruleset, which is out for public review and comment until 15 June. In addition to expanding on many existing rules, the 9th ruleset contains a new category of checks that […]
XBRL US’s DQC Committee Releases New Tranche of Machine Executable Rules.
Business Reporting is both a political and regulatory exercise, and there have been recent movements on both fronts in the US.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
