Washington, D.C. (July 16, 2015) – The XBRL US Data Quality Committee today issued for public comment guidance and rules that are intended to help preparers develop higher quality XBRL filings for submission to the U.S. Securities and Exchange Commission (SEC).
XBRL (eXtensible Business Reporting Language) is a technology standard to electronically communicate business and financial data. The XBRL standard has been implemented around the world for the reporting of company financials, government expenditures and corporate actions, among other reporting domains.
The Data Quality Committee provides technical implementation support to the XBRL US Center for Data Quality, which was formed by XBRL US and an alliance of five companies. The American Institute of CPAs (AICPA) is a member of the Center and is represented on the Committee.
The DQC is responsible for developing guidance for uniform, consistent tagging of financial data, and for clarifying those specific circumstances where custom tags are appropriate, as well as developing automated validation rules to verify compliance with the Committee’s guidance and prevent or detect tagging errors.
“In order for investors and other consumers to fully realize the benefits that XBRL can deliver, better guidance and automated rules for mitigating errors in XBRL data is needed. Public review and input is an important part of this process,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA, and Chair of the XBRL US Board of Directors. “The comments provided over the course of the next 60 days will help the Committee improve the guidance and rules that will reduce inconsistencies or errors in XBRL data filed with the SEC.”
AICPA members are encouraged to visit the Center for Data Quality’s web site to learn more about the proposed guidance and rules and then submit comments online to help shape them. Comments filed by September 14, 2015, will be reviewed and incorporated where appropriate.