The next big thing in XBRL data quality is here
As part of our dedication to helping companies provide high-quality data, Workiva recently co-founded the XBRL US Center for Data Quality with XBRL US and four other companies.
The Center for Data Quality will channel support and action through the XBRL US Data Quality Committee. Both the Center and Committee were formed to improve the quality and utility of XBRL data filed with the U.S. Securities and Exchange Commission (SEC).
XBRL was mandated by the SEC in 2009 with several goals in mind: improve the usefulness of financial data for investors, facilitate business comparisons, help automate data analysis, and increase speed in the financial disclosure process.
Mike Starr, Vice President for Governmental and Regulatory Affairs at Workiva, will chair the Data Quality Committee, which plans to develop guidance for uniform tagging of financial data and clarify instances where custom tags are acceptable. The Committee will also create automated validation rules to detect input errors and verify compliance with its guidance.
We believe the public's demand for reliable data will be met if all major service providers that publish and file SEC reports employ the same guidance and validation rules.
To find out more about the Data Quality Committee and its mission, click here.