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June 29 — XBRL US and five companies have formed the XBRL US Center for Data Quality, which aims to improve the utility of XBRL financial data filed with the Securities and Exchange Commission.
The five companies are Merrill Corp., RDG Filings, RR Donnelley, Vintage and Workiva Inc.
XBRL, or eXtensible Business Reporting Language, is a global standard for exchanging business information. Since 2009, the Securities and Exchange Commission has phased in requirements that issuers file their financial disclosures using the language.
According to a June 24 announcement, the Center for Data Quality aims to make it easier for companies to create consistent, quality financial statements in XBRL format. The center will “channel support and action” through the XBRL US Data Quality Committee to address the public's concerns about XBRL data quality, the release states.
The committee plans to develop guidance to ensure uniform, consistent tagging of financial data as well as automated validation rules. The validation rules will be freely available to public companies, software providers and others, according to the release.
The Financial Accounting Standards Board will be involved in the data quality committee as an observer, the release states. The committee's members include representatives from Bloomberg LP (the parent company of Bloomberg BNA), Credit Suisse HOLT, Calcbench and CFA Institute.
The announcement is available at http://xbrl.us/news/center-formed-to-address-xbrl-data-quality-concerns/.
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