NEW YORK--(BUSINESS WIRE)--Aug 20, 2018--The XBRL US Data Quality Committee (DQC) has published its seventh set of Data Quality Rules for a public review and comment period to end September 10, 2018. DQC rules and guidance, which are freely available, 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.

Twelve new rules are included in the seventh ruleset, covering tagging under the new revenue recognition standard, and potential problem areas with tagging pension data.

Rules and guidance developed by the DQC are free and publicly available. Issuers, vendors, analysts, and investors can test out the draft rules and provide comments related to the rules through the public review page: https://xbrl.us/data-quality/rules-guidance/public-review/.

The DQC has scheduled a webinar on August 29 to review the rules and guidance for Ruleset 7. Register for this free, one-hour webinar: https://xbrl.us/events/20180829/.

Final rules are freely available for both US issuers filing in US GAAP, and for foreign private issuers filing in IFRS. Issuers should use approved rules for all filings prior to SEC submission through one of these options:

Through software that has been certified to run with the most current ruleset: https://xbrl.us/data-quality/certification/ By using the XBRL US checking tool: https://xbrl.us/data-quality/rules-guidance/check-filing/ By downloading the Approved Rules (Ruleset 6) and using them with Arelle – the open source version of the SEC’s EDGAR Renderer/Previewer: https://github.com/DataQualityCommittee/dqc_us_rules/releases/tag/v6.0.1

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. For information on how to support better quality XBRL data by joining the Center for Data Quality, email info@xbrl.us.

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 draft rules and guidance: https://xbrl.us/data-quality/rules-guidance/public-review/ Learn about the XBRL US Center for Data Quality: https://xbrl.us/data-quality/center/ Register for the August 29 webinar: https://xbrl.us/events/20180829/

View source version on businesswire.com:https://www.businesswire.com/news/home/20180820005513/en/

CONTACT: XBRL US

Michelle Savage, 917-747-1714

michelle.savage@xbrl.us

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT OTHER TECHNOLOGY PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE LEGAL

SOURCE: XBRL US

Copyright Business Wire 2018.

PUB: 08/20/2018 01:52 PM/DISC: 08/20/2018 01:52 PM

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