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. Read this blog to see the results.
Preparing financial disclosures is a hectic process, and one of the best ways to make sure you stay on track is to incorporate XBRL milestones into your filing schedule and use the resources that are available to you. In this blog, we provide some general guidelines for your XBRL timeline and valuable resources to help keep you on track and compliant.
Formed on June 24th, 2015, the XBRL US Data 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.
The Financial Executives International’s (FEI) 34th annual Current Financial Reporting Issues (CFRI) conference took place last week at the Marriott Times Square in the heart of New York City. The CFRI conference provides preparers with the opportunity to build professional networks and hear from representatives across the SEC, FASB and PCAOB as they explore accounting and financial reporting hot topics. This year sessions included: Are You Ready for the Revenue Recognition Revolution?, SEC Comment Letters: Recent Trends and Best Practices, and Data Breach: What to Expect and How to Prepare.
Financial reporting professionals are tasked with keeping a lot of people happy – your CEO, your board, your shareholders, and your staff. Determining the best way to present accurate, accessible and interactive financial data to all of your key stakeholders can make you stand out as the reporting champion in your office. Sounds great, right? Here’s a few tips to help you and your team become external reporting all-stars.
The XBRL industry continues to make strides towards improving quality of interactive data filings submitted to the SEC. On July 15, 2015, the newly formed XBRL US Center for Data Quality announced the start of its inaugural public comment period for seven proposed rules covering 2,400 elements. The recently proposed rules address common XBRL input errors and consist of the following…
XBRL has become a worldwide standard for business and financial data, however a lack of consistent guidance has made the accuracy, consistency and reliability of this information a challenge. Inconsistent or incorrect tagging make automated analysis of this data a real chore – but what can we do? XBRL US recently announced an initiative, known as the XBRL US Center for Data Quality, to improve the utility of XBRL financial data filed with the SEC. Certent is proud to be a member of the Center and below is a quick look at what the Data Committee plans to develop.