The Data Quality Committee (DQC) approved a new round of DQC rules for Version 21. The effective date for these rules will be for filings submitted on or after August 31, 2023. The DQC plug-in tool has been updated to reflect this change in the Workiva platform and is now currently available. Round 21 includes eight new rules and and one rule update along with maintenance for previously approved rules.
Each new rule is described below and you can click on the link in the name of the rule to take you to the rule published by the XBRL® US Data Quality Committee.
- This rule is intended to ensure that filers use the NoncurrentAssets element appropriately. The element should be used for long-lived assets reported as part of the geographical segment (not a component of the balance sheet). The rule checks that the element is included in the ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable.
- This rule checks for inconsistencies in segment reporting disclosure by identifying where filers have used inappropriate members or have excluded members on the consolidation items or segment axes. There are four components to this rule:
1. Members of the consolidation items axis aggregate correctly
2. Members of the statement business segments axis aggregate correctly
3. Business segment has been used with a line item without the operating segment member
4. Number of segments are less than the number of segment members on the segment axis
- This rule identifies monetary items not included as primary items of the financial statement disclosure tables.
- This rule checks the tax reconciliation disclosure and flags whether the following elements have been used correctly:
1. Foreign-derived intangible income
2. Global intangible low-taxed income
3. Base erosion and anti abuse tax
4. Foreign Income Tax Rate Differentials
- This rule checks that the exchange rate impact on the cash flow statement is calculated correctly. The rule flags when the element CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect excludes an effect of exchange rate element in its calculation.
- This rule identifies when filers create extensions to report basic and diluted amounts as a single element. Basic and diluted amounts are required to be tagged separately.
- This rule identifies when filers have reported values for capital adequacy ratios defined in the US GAAP taxonomy that are less than 1 percent.
- This rule identifies when filers have defined facts using the RelatedAndNonrelatedPartyStatusAxis and the extensible enumerations associated with this axis. This axis will be deprecated in the 2024 taxonomy.
- This rule identifies if OCI items have been included in the calculation of net income. The rule is being updated in version 21 to also identify if net income items are included in OCI.
European Single Electronic Format (ESEF) Data Quality Rules have been incorporated into DQC releases, effective with Version 21
What’s our plan?
As part of our high level of ongoing service and partner in your success, we want to reassure you that Workiva is working tirelessly to anticipate these changes to EDGAR and incorporating them into our platform. Since Workiva is a cloud-based software, we are able to quickly adapt to these changes, unlike a traditional software that may require IT work.
As such, Workiva has been updated to reflect the new rules and will appear with the “(DQC)” at the beginning of the validation message.
In the meantime, if you have any questions, feel free to let us know here in the Workiva Community. Thanks!