The Data Quality Committee (DQC), which is responsible for developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data, has approved the release of Version 11.0.0 with an effective date of May 15, 2020. Software and service providers will be able to update and take advantage of the five new automated checks as well as updates to existing rules.
Here are the details on the new checks:
New Automated Checks
The latest checks added by the DQC address issues of reporting incorrect deferred tax elements, flagging usage of no-longer-applicable tax elements, missing operating lease liabilities, detecting invalid elements found in range axes, and identifying incorrect calculations related to lease liability payments.
- The newly added check DQC 0085 is intended to detect issues with deferred tax assets and liabilities concepts. The check verifies that the elements are correctly found and disclose accurate tax assets and liabilities.
- DQC 0086 is added to identify tax elements used in the filing that are no longer applicable due to changes in accounting standards.
- DQC 0087 detects missing operating lease liabilities by identifying 10-K, 10-K/A and 20-F filings where operating lease liabilities are not reported in the Financial Statements although a line item for it exists.
- Rule DQC 0089 identifies instances where elements OperatingLeaseWeightedAverageRemainingLeaseTerm1 and FinanceLeaseWeightedAverageRemainingLeaseTerm1 are used with any member on the Range Axis.
- Lastly, DQC 0090 recognizes incorrect calculations of lease liability payments due. It does so by identifying where the concept LesseeOperatingLeaseLiabilityPaymentsDue does not equal the sum of OperatingLeaseLiability and LesseeOperatingLeaseLiabilityUndiscountedExcessAmount. Furthermore, this check also flags sections where the sum of FinanceLeaseLiability and FinanceLeaseLiabilityUndiscountedExcessAmount does not equal FinanceLeaseLiabilityPaymentsDue.
Existing Rule Updates
In addition to the new automated checks, Version 11.0.0 also includes updates to existing rules. To list a few, updates have been added to DQC 0001 (Axis with Inappropriate Members), DQC 0015 (Negative Values US GAAP), DQC 0080 (Negative Values IFRS), and DQC 0081 (Sibling Child Relationships).
- The update to rule DQC 0001 adds BusinessAcquisitionAxis to the list of axes that must use defined members or an extension.
- The update to DQC 0015 removes four concepts from the list of items checked for negative values.
- The update to DCQ 0080 now checks 62 additional concepts from the 2019 IFRS taxonomy.
- The update to DQC 0081 incorporates additional sibling/child relationships to check for contradictions between the filer’s extension taxonomy and the U.S. GAAP taxonomies.
Our Transform™ SEC filing software suite integrates with the latest DQC and EDGAR verification tools to ensure your XBRL tagging is timely and accurate. Have additional questions? Contact our experts at CompSci Resources.