XBRL US has started the ball rolling with the first public review of the proposed rules that are expected to address common XBRL input errors. The proposed rules will be available for review and commentary until September 14, 2015.
The review contains seven proposed validation rules that test selected attributes reported in more than 2,400 individual elements and certain broad classes of elements (such as Document and Entity Information). Since its public debut, the proposed rules have already received comments from industry professionals. The rules are as follows:
Element Values Are Equal
This rule tests that the value reported for the element Assets equals the value reported for the element Liabilities and Equity.
1. Dean Prinsloo says:
Wednesday, July 15, 2015 at 3:25 PM
Great rule!
2. Charles Hoffman says:
Wednesday, July 15, 2015 at 4:42 PM
This is consistent with the accounting equation, a fundamental rule of accounting.
3. Charles Hoffman says:
Wednesday, July 15, 2015 at 5:07 PM
The phrase “Element Values Are Equal” does not really describe this correctly. This is more about facts within the exact same context being equal. For example, this rule class means that the facts with the concept “us-gaap:Assets” and the fact with the concept “us-gaap:LiabilitiesAndStockholdersEquity” are equal in the same context (i.e. the period MUST be the same as well as any other distinguishing characteristics).
Context Dates After Period End Date
Dates that end after reporting period end dates are limited to subsequent events, forecasts and Entity Common Stock, Shares Outstanding.
Dean Prinsloo says:
Wednesday, July 15, 2015 at 3:26 PM
Context period dates should be correct.
DEI and Block Tag Date Contexts
Document and entity information, footnotes, tables, and accounting policy concepts must use reporting period dates that are consistent with the fiscal period focus of the filing (e.g. Q1, Q2, Q3 or FY).
Dean Prinsloo says:
Wednesday, July 15, 2015 at 3:28 PM
The periods above should be updated to be a specific range for each period, plus and minus 15 days, as example rather than some specific dates based on a sample period(s).
Element A must be less than or equal to Element B
Value for element A should be less than or equal to the value for element B. Documentation includes a list of elements where this comparison is tested.
Dean Prinsloo says:
Wednesday, July 15, 2015 at 3:30 PM
Good logic.
Negative Values
Elements that should not be reported with negative values. Documentation includes a list of elements tested.
Dean Prinsloo says:
Wednesday, July 15, 2015 at 3:34 PM
The XBRL “instance value” and the element concept balance attributes (debit or credit) should be verified for correctness.
Document Period End Date Context
Document and entity information dates should match the document period end date.
Charles Hoffman says:
Wednesday, July 15, 2015 at 4:47 PM
The value of dei:DocumentPeriodEndDate, the value of the “endDate” of the context of that concept, and the current balance sheet date should all be the same. I would propose taking this rule one step further to include the notion that these two dates should also be consistent with the current balance sheet date.
Document Period End Date Context / Fact Value Check
The document period end date should match the date tagged with the document period end date element.
No comments to date.
While the public reviews a description of the rules and submits comments, developers can download the open source code and incorporate it into their own software to use as a reference against their software and provide feedback.
To participate in the public review, go to: http://publicreview.xbrl.us
To learn more about Edgar Agents and our products and services, please visit our website at www.edgaragents.com or call us at 732-580-5036.
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