Last week the XBRL US Data Quality Committee announced that the implementation of new validation rules put forth by the committee resulted in a significant increase in the quality of XBRL data submitted to the SEC in the first quarter of 2016.
The validation rules were put in effect for the purpose of helping companies detect inconsistencies in their XBRL data specifically around incorrect negative values, improper value relationships between elements, and incorrect dates– and it seems to have been successful. Compared to the first quarter of 2015, data covered by the new validation rules saw an overall decrease in errors filed by 64%. Large accelerated filers showed a 70% decrease, while smaller filers had a 60% decrease. XBRL US has posted these results here.
In a post on the XBRL US website, Mike Starr, Chairman of the DQC is quoted as saying, “The early success of the DQC’s validation rules in reducing errors is the first step in its mission to improve the usability of XBRL data. We expect that as more registrants use these rules, we will see a further decrease in the number of errors in the data covered by the DQC’s rules.”
The second round of guidance will be published for comment this week, and the DQC also plans to author a document as the start of a series addressing the proposed framework for element selection and extension use.
As a member of the XBRL US Center for Data Quality, Certent is dedicated to improving the quality of data submitted to the SEC through our software and services. The validation rules can be accessed here. And be sure to join our webinar June 29th at 11am PT, 5 Strategies for High Quality XBRL.