Publisher: Reuters Author: Sarah Lynch Dallas Mavericks owner Mark Cuban took a swipe at the…
Publisher: XBRL US
The US SEC has begun issuing “Dear CFO” letters to public companies expressing concern over problems in XBRL Filings.
XBRL US’s analysis of XBRL filings show that many filings still contain errors related to the use of the US GAAP Taxonomy.
Accurate XBRL financials can be a challenging proposition due to the complexity of US GAAP reporting.
These errors were identified by running over 15,000 logic rules against every financial filing submitted to the SEC. The rules were developed to identify inconsistencies across filings. However, they will not capture every potential problem in a filing as there may be errors related to completeness, accuracy or other issues that require manual review.
Ultimately your accounting firm, your service provider, and you are best equipped to handle issues that the rules cannot capture.
In order to assist filers establish a base level of consistent quality, XBRL US has developed a set of free data quality tools that provide industry and company-specific information on XBRL filings.
For more information about the free tools, please click here.
XBRL US is a non-profit standard setter dedicated to helping public companies create good quality XBRL data and to encourage the use of XBRL corporate data.