XBRL US Data Quality Committee Approves Sixth Ruleset for IFRS and US GAAP Filings

Invites US and foreign private issuers to use the rules by the June 29 effective date

NEW YORK--()--The XBRL US Data Quality Committee (DQC) has approved, finalized, and published its 6th ruleset which includes validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy and the IFRS Taxonomy. DQC rules and guidance are designed to be used by issuers to identify and correct errors in their SEC filings. The DQC, which is funded through the Center for Data Quality, is responsible for developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data filed with the SEC, and focuses on data quality issues that adversely affect data analysis. The rules were exposed for a public review period which ended on May 7, 2018.

“Widespread use of the rules by all issuers ensures financial data is more consistent and comparable for investors and regulators, who rely on the availability of computer-readable financial data.”

Rules are free and publicly available. This release has an effective date of June 29, 2018, and should be used for filings submitted to the SEC after that date, however issuers can begin using them immediately. There are several options to use the rules:

“The goal of the Center for Data Quality is to ensure that every filer has free access to these rules through their XBRL preparation software, or through open source tools available,” said Campbell Pryde, President and CEO, XBRL US, “Widespread use of the rules by all issuers ensures financial data is more consistent and comparable for investors and regulators, who rely on the availability of computer-readable financial data.”

Rules that apply to the IFRS Taxonomy will help to identify errors that can occur in IFRS filings when using dates, document entity information, and axes. The DQC intends to continue adding to its rules to handle IFRS filings.

Rules for US GAAP filings have been updated to reflect changes resulting from the use of the SEC Reporting Taxonomy (SRT), and has expanded the test for negative values for new elements that were added to the 2018 US GAAP Financial Reporting Taxonomy.

To access the approved rules and guidance, go to: https://xbrl.us/rules-guidance/

Members of the XBRL US Center for Data Quality include Altova, the American Institute of CPAs (AICPA), Certent, DataTracks, Merrill Corporation, P3 Data Systems and Toppan Vintage. For more information on the XBRL US Data Quality Committee and the Center for Data Quality, go to: http://xbrl.us/data-quality

About XBRL US

XBRL US is the non-profit consortium for XBRL business reporting standards in the U.S. and represents the business information supply chain. Its mission is to support the implementation of business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission and has developed industry-specific taxonomies for corporate actions, solar financing, and surety processing. http://xbrl.us

Links:

Access the rules: https://xbrl.us/rules-guidance/ 
Learn about the XBRL US Center for Data Quality: https://xbrl.us/data-quality/center/

Contacts

XBRL US
Michelle Savage, 917-747-1714
michelle.savage@xbrl.us

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