NEW YORK, April 12, 2016 /PRNewswire/ -- XBRL US today announced that five companies have received certification that they have successfully incorporated the initial set of validation rules developed by its Data Quality Committee (DQC) in their software applications for preparing filings submitted to the Securities and Exchange Commission (SEC) . XBRL US has tested these software applications to confirm that the applications incorporate the current, complete set of DQC validation rules and produce the expected results. XBRL US will update the certifications for each new set of rules produced by the DQC.
The DQC is responsible for developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data filed with the SEC. The Committee, which is funded by the XBRL US Center for Data Quality, approved the first set of rules in November last year and plans to release the second set of rules in May for public exposure and comment.
The DQC's validation rules are freely available and are posted on the XBRL US web site at https://xbrl.us/rules-guidance/. The rules can be run from the XBRL US website at https://xbrl.us/home/data-quality/check-filing/ using the open source Arelle XBRL platform or from certified third party tools. Adherence to these rules help public company filers identify and correct errors in XBRL filings prior to submission to the SEC.
"We urge public companies to be sure to run the Data Quality Committee validation rules against their filings to correct problems before data is sent to regulators and investors," said Mohini Singh, ACA, Director, Financial Reporting Policy at CFA Institute, who is a member of the Data Quality Committee, "The Committee has worked hard to establish rules that help guide filers in the correct application of XBRL so that data users can be confident of the quality of the information they rely on every day."
To see a list of certified tools, go to: https://xbrl.us/certification/
For more information about the work of the Committee, go to: https://xbrl.us/committee/
About XBRL US
XBRL US is the non-profit consortium for XBRL business reporting standards in the U.S. and it represents the business information supply chain. Its mission is to support the implementation of XBRL 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 a taxonomy for corporate actions. About XBRL US: xbrl.us
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SOURCE XBRL US