In addition to releasing the ruleset, the DQC will hold a virtual seminar on August 4, 2021, to provide issuers, filing agents, and particularly US GAAP filers, an overview of the new draft rules. The previously approved 15th ruleset, which has been available for use since June 2021, has an effective date of September 1, 2021.

The eight rules in this release are relevant to the US GAAP taxonomy and are as follows:

DQC_0117 (Financial Statement Tables Dimensional Cross Check (US GAAP))

The rule evaluates if the dimensional values reported in the financial statements are equal to the reported sum of these dimensional values. Both the dimensional values and the aggregate value need to be reported in the financial statement. The rule checks a limited amount of axes.

DQC_0118 (Financial Statement Tables Calculation Check of Required Context (US GAAP))

The rule evaluates each line in the financial statements representing an aggregation based on the elements defined in the calculation linkbase. If the sum of the child elements does not equal the value reported for the aggregation then an error is reported. The rule will only run for the period representing the required context.

DQC_0119 (Income Before Tax Equity Method (US GAAP))

The rule evaluates each line in the financial statements representing an aggregation based on the elements defined in the calculation linkbase. If the sum of the child elements does not equal the value reported for the aggregation then an error is reported. The rule will only run for the period representing the required context.

DQC_0120 (Incorrect Line Item Reference (US GAAP))

This rule is intended to identify those cases where the company uses an extensible list item that refers to a balance sheet line item that does not exist on the balance sheet. The rule checks that the values provided for the following extensible list items are legitimate balance sheet line items that appear in the calculation linkbase of the balance sheet.

DQC_0121 (Incorrect Transition Elements Used (US GAAP))

This rule is intended to identify those cases where the company reports line items that have been transitioned because of changes in accounting standards. The rule identifies those elements that should no longer be used by the filer.

DQC_0122 (Components of Equity on the Balance Sheet (US GAAP))

This rule is intended to identify those cases where the company reports the components of equity or partners capital on the balance sheet. If one of these two dimensions are included as part of the balance sheet then the rule will return an error identifying the number of facts using the axis reported in the balance sheet.

DQC_0123 (Missing Components of Equity Axis (US GAAP))

The rule identifies where a company has reported classes of stock but has not indicated if they are common or preferred or treasury components of equity. The rule identifies facts reported using an allowed line items on the class of stock axis without any other dimensions.

DQC_0124 (Breakdown of Lease Liabilities & Assets Across Financial Statement Lines Items (US GAAP))

The rule flags an error when lease liabilities and assets are present but have not been included in the presentation linkbase of the financial statements.

The DQC is responsible for developing guidance and validation rules that can: 1) prevent or detect errors or inconsistencies in XBRL data filed with the SEC; and 2) reduce the negative impact on the timeliness and accuracy of reported financial information. Public review and feedback enhance the usability of XBRL filed with the SEC. For more information and instructions on submitting comments, visit XBRL US’s General Feedback on All Rules and Guidance webpage. To post comments, interested parties will need to login and agree to Terms and Conditions for Public Comments. Comments for each of the new DQC documents must be submitted by August 31, 2021.

Sources:

Public Exposure of Validation Rules & Guidance (xbrl.us)