The XBRL US Center for Data Quality has published the seventh set of rules to provide guidance and aid for issuers in identifying errors in their XBRL SEC filings. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The seventh release of rules includes guidance for issuers using the US-GAAP taxonomies.
The rules updated in this release are as follows:
Final Rule DQC-0001 (Axis with Inappropriate Members)
This rule identifies when a Member element has been used with an inappropriate Axis element. Some Axis elements only allow specific members and may or may not allow extension members.
This rule has been updated to add the following new elements: PreferredUnitsByNameAxis, RetirementPlanNameAxis, OwnershipAxis, and MajorCustomersAxis. For Note 3, the allowable US-GAAP members on the ProductOrServiceAxis element have been updated to include the RealEstateMember and HotelMember elements.
Final Rule DQC-0015 (Negative Values)
This rule tests if certain elements have negative values when they should represent positive concepts.
This rule has been updated to add the EarningsPerShareBasicDistributed element.
Final Rule DQC-0067 (Mutually Exclusive Elements)
This rule identifies if elements associated with the new revenue recognition standards are used in conjunction with elements from the previous revenue recognition standard.
Final Rule DQC-0068 (Geographical Axis Used with Pension Line Items)
This rule identifies those cases where the filer has reported the StatementGeographicalAxis in conjunction with a line item in the Compensation Related Costs and Retirement Benefits section of the taxonomy. The StatementGeographicalAxis should not be used for reporting retirement benefits. Plans broken down by geography should use the RetirementPlanSponsorLocationAxis element.
Final Rule DQC-0069 (Plan Asset Categories Component Members)
This rule identifies those cases where the DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryAmount and the DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets elements are not being used in conjunction with the axis element DefinedBenefitPlanByPlanAssetCategoriesAxis. Additionally, this rule checks that these two elements use member elements that are child members of the member used with the DefinedBenefitPlanFairValueOfPlanAssets element. The rule also checks that any values reported for these two elements do not have a value that is greater than or equal to the value reported for the DefinedBenefitPlanFairValueOfPlanAssets element.
Final Rule DQC-0070 (Plan Asset Dimensional Aggregation)
This rule aggregates the values of the Plan Asset categories on the DefinedBenefitPlanByPlanAssetCategoriesAxis. The rule aggregates the values of the members and compares the total to the reported total for the default value of the axis.
Final Rule DQC-0071 (Revenue/Cost Single Member)
This rule identifies if the revenue/cost elements RevenueFromContractWithCustomerIncludingAssessedTax, RevenueFromContractWithCustomerExcludingAssessedTax and CostOfGoodsAndServicesSold have been used with the ProductOrServiceAxis for only one product or service represented by a single member on the ProductOrServiceAxis. The rule flags an error if any of these three elements has only a single member (other than the ProductsAndServicesDomain) on the ProductOrServiceAxis and if a total value for the element of the product and service axis has not been reported in the filing.
Final Rule DQC-0072 (Plan Asset Categories Percentage)
This rule identifies those cases where the element DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage has not been tagged with appropriate members based on FASB guidance. This element must be used in conjunction with the axis DefinedBenefitPlanByPlanAssetCategoriesAxis. Additionally, because this element represents a sub component of another plan asset category in the pension disclosure, it must be associated with a plan asset category defined using the axis DefinedBenefitPlanByPlanAssetCategoriesAxis.
Final Rule DQC-0073 (Plan Asset Categories Permissible Line Items)
This rule identifies when inappropriate line items are used with the Plan Asset Categories Axis. A list of the permissible elements for this axis can be found at: http://xbrl.us/data-rule/dqc_0073/.
Final Rule DQC-0074 (Nil Values on Typed Axis)
This rule identifies when a nil value has been used inappropriately on the RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis.
Final Rule DQC-0076 (Performance Obligations With No Durations)
This rule identifies those cases where the duration over which a performance obligation will be captured is not reported. If either of the RevenueRemainingPerformanceObligationPercentage element or the RevenueRemainingPerformanceObligation element is reported with a value with the RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis axis then the satisfaction period elements must have associated duration values. The satisfaction period elements are different in the 2017 and 2018 US GAAP taxonomies. See http://xbrl.us/data-rule/dqc_0076/ for more information.
Final Rule DQC-0077 (Satisfaction Period With No Satisfaction Start Date Axis)
This rule checks if the satisfaction period elements have been used with the RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis element. The satisfaction period elements are different in the 2017 and 2018 US GAAP taxonomies. See http://xbrl.us/data-rule/dqc_0076/ for more information.
Final Rule DQC-0078 (Ownership Interest With No Ownership Axis)
This rule identifies those cases where the ownership interest elements are not used with the ownership axis. If the ManagingMemberOrGeneralPartnerOwnershipInterest element, the MinorityInterestOwnershipPercentageByParent element, the MinorityInterestOwnershipPercentageByNoncontrollingOwners element, the SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest element, or the LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest element is used without the OwnershipAxis element, the rule produces an error.
The DQC also approved the following guidance: Legal Entities and Consolidation and Revenue. More information on the rules is available here.
XBRL US will be hosting a webinar on January 16, 2019 at 3:00pm EDT that discusses these new approved rules. Register for free by visiting https://xbrl.us/events/20190116/.
Sources
XBRL US Data Quality Committee Approves 7th Ruleset (xbrl.us)
Approved Guidance and Validation Rules (xbrl.us)
