On April 20, 2022, the Data Quality Committee (DQC) published their latest set of rules for public review. These validation rules were developed to guide US GAAP and IFRS filers to create more consistent and correct Inline XBRL (iXBRL) filings.
The five changes in the 18th Ruleset include:
- Equity Method Investment Reporting (DQC_0133): This rule assures that reporting for Equity Method Investment information is consistent with current guidance. It has three checks:
- The concepts EquityMethodInvestmentOwnershipPercentage and EquityMethodInvestmentDescriptionOfPrincipalActivities must use the dimension ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis
- The descendants of the concept EquityMethodInvestmentSummarizedFinancialInformationAbstract must be used with the dimension EquityMethodInvestmentNonconsolidatedInvesteeAxis (and NOT ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis)
- Elements who are the descendants of ScheduleOfEquityMethodInvestmentsLineItems (but not descendants of EquityMethodInvestmentSummarizedFinancialInformationAbstract) should use the dimension ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis
- Investment Schedule - Financial Instrument Axis (DQC_0134): This rule checks that facts using the concept AvailableForSaleDebtSecuritiesAmortizedCostBasis use the dimension FinancialInstrumentAxis, to align with FASB’s guidance.
- Extensible Enumerations for Financial Statement Captions (DQC_0135): This rule is to assure that certain values that are not reported in the financial statements include an indication of which financial statement they appear in. There are two portions of this check:
- This portion of the check looks for facts that are tagged and exist in the financial statements include an extensible enumeration. It excludes lease items as those are handled with other rules.
- This portion checks for the presence of the dimensions IncomeStatementLocationAxis or BalanceSheetLocationAxis with matching extensible enumeration concept.
- Caption Value Matches Financial Statements (DQC_0136): This rule flags any values that are included as an extensible list item on the Balance Sheet or Income Statement, but does not actually exist on that statement.
- Location Axis with Single Member (DQC_0137): This rule checks for facts using the dimensions BalanceSheetLocationAxis or IncomeStatementLocationAxis that exist within those financial statements. These axes should only be used if the values are spread across multiple lines in the financial statements, otherwise an extensible enumeration should be used.
These changes apply to GAAP filers only, there were no new rules in this Ruleset for IFRS filers. The public review period ended May 31, 2022 and these rules are expected to be implemented within 90 days. Our Transform™ platform is constantly updated to include the latest EDGAR and DQC validation rules. Contact us today to see a demo of our solutions and how we can help you with your SEC compliance needs.