Formed on June 24th, 2015, the XBRL US Center for Data Quality is dedicated to improving the utility of XBRL financial data filed with the SEC. In this press release, the Center announced its plans to address two main areas. The first area is to provide uniform, consistent tagging of financial data and to clarify those specific circumstances where custom tags are appropriate. And the second area is to automate validation rules to detect input errors and verify compliance with the Committee’s guidance.
On November 20, 2015 the Center published its first set of data quality rules including:
1) Element Values Are Equal - This rule tests that the value reported for the element Assets equals the value reported for the element Liabilities and Equity. The rule allows a tolerance for rounding between the values tested of 2 based on the scale of the values. For example, if the values are reported in millions, the rounding tolerance would be $2 million.
2) Context Dates After Period End Date - This rule tests that the use of dates associated with subsequent events, forecasts and the element Entity Common Stock, Shares Outstanding are appropriate.
3) DEI and Block Tag Date Contexts - This rule tests that the dates used for certain Document and Entity Information, accounting policy, text block and table text block elements are consistent with the fiscal period focus of the filing (e.g. Q1, Q2, Q3 or FY).
4) Element A must be less than or equal to Element B - This rule tests that the fact value for certain elements are less than or equal to the fact value of other elements.
5) Negative Values - The US GAAP Taxonomy is designed so that the majority of elements have a positive value. This rule tests whether the values for a given list of elements are negative. The rule does not test elements when a specified member is present which would allow the value to be negative.
6) Document Period End Date Context - This rule tests that the ending date used with Document and Entity Information elements (except the elements Entity Common Stock, Shares Outstanding and Entity Public Float) matches the ending context date for the value of the Document and Entity Information element Document Period End Date.
7) Document Period End Date Context / Fact Value Check - This rule tests that the ending context date for the Document Period End Date is not different by more than 3 days from the value of that element.
The Committee approved these rules after considering comments received during a 60 day public review period, and the rules are now freely available. Accurate, consistent, and reliable public filings are essential to usability. At Certent, we are dedicated to quality filings and deliver this to our clients through a multi-process approach to quality review. Learn more about how Certent can help your company improve your financial reporting process.