The XBRL US Data Quality Committee (DQC) has announced that it published its 20th Rule Set, which is comprised of five proposed rules for corporate issuers and two proposed rules specific to business development companies (BDCs). DQC rules are freely accessible by US GAAP and IFRS issuers so they may better validate their filings and recognize potential errors. Referring to the DQC rules helps issuers prepare financial statements that are consistent and submitted to the SEC in high quality, Inline XBRL format.
Rule Set 20 includes two new rules designed for BDCs:
DQC_0142 (Typed Dimension Axis Restriction)
This rule checks that the new typed dimensions used by BDCs are correctly defined.
DQC_0143 (Derivative Position Extensible Enumeration)
This rule checks that the extensible enumeration element Derivative Position Extensible Enumeration may only use either “Call Option Member” or “Put Option Member”.
Included in Rule Set 20 are five additional rules that address potential errors for corporate filers using the US GAAP Taxonomy:
DQC_0144 (No Balance Attribute in Financial Statements)
This rule checks that extension monetary elements created by the issuer that are included in the balance sheet, income statement, cash flow statements and shareholders’ equity statements include a balance attribute.
DQC_0145 (Inappropriate Cash Flow Presentation)
This rule checks the presentation of the cash flow statement and income statement to determine that elements have been presented correctly.
DQC_0146 (Incorrect Period Reported)
This rule identifies incorrect period durations used in the income statement of the 10-K.
DQC_0147 (Incorrect Sign of Elimination)
This rule identifies when a filer enters a positive value for an element using the elimination member (on the consolidated items axis) when it should be negative.
DQC_0148 (Other Comprehensive Income (OCI) Items in Income)
This rule identifies if OCI items have been included in the calculation of net income.
Filers, data providers, investors, accountants, and preparation tool providers are invited to review and comment on the proposed rules until December 31, 2022. To access the Public Exposure of Validation Rules & Guidance for DQC Rule Set 20, visit xbrl.us.
The DQC will host a virtual conference on Wednesday, December 14, 2022, geared toward BDCs to discuss the proposed rules. The one-hour meeting will begin at 3:00 p.m. ET. The event is free and open to the public, but registration is required. For further details, including instructions on registration and how to join the meeting, visit the event’s webpage on xbrl.us.
Event speakers will include the following industry experts:
- Campbell Pryde, President and CEO, XBRL US
- Shelly Wavrin, Senior Financial Consultant at Toppan Merrill, Chair of the XBRL US Data Quality Committee
Source:
XBRL US Announces Webinar: DQC Rules for BDCs and Public Companies – Rule Set 20 (xbrl.us)
XBRL US Data Quality Committee Publishes 20th Rule Set for Public Companies and BDCs (xbrl.us)
