The Data Quality Committee (DQC) approved a new round of DQC rules for Version 24. The effective date for these rules will be for filings submitted on or after September 1, 2024. The DQC plug-in tool will be updated the week of August 26th and we will inform you once the updates have been released in the Workiva platform. Round 24 includes twelve new 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.

New rules:

DQC_178 - Dividend Disclosures in the Statement of Changes in Shareholders Equity

• The rule identifies where the filer has used inappropriate combinations of dividend elements in the Statement of Shareholders Equity. The rule is comprised of nine components that help filers to select the correct elements and to tag the values with the appropriate sign.

DQC_179 - Dividend Event Disclosures

• The rule identifies those cases where the filer has used the DividendsAxis inappropriately in the filing. The rule has seven components that check that the filer complies with the DQC Dividend guidance.

DQC_180 - Dividend Financial Statement Disclosures

• The four components of this rule check dividend disclosures in the face of the financial statements. This rule supports the DQC Dividend guidance.

DQC_181 - Interest Expense Operating and Nonoperating

• This rule checks that filers use the correct elements to record interest expense operating and interest expense nonoperating. In the 2024 US-GAAP taxonomy, the FASB added 2 new elements: InterestExpenseNonoperating and InterestExpenseOperating. The definition and label changed for the prior element InterestExpense. Two components of this rule help ensure that filers review the usage of the element InterestExpense, and replace it with the more specific operating or non-operating element. Applicable only to the 2024 Taxonomy.

DQC_182 - Dimensional Equivalents Using the Meta Taxonomy

• This rule overlaps with some of the rules implemented in DQC_0011. This rule will eventually supersede rule DQC_0011. The rule uses the dimensional equivalents defined in the Meta taxonomy and checks that the values reported in a filing are consistent. As the meta taxonomy is updated the rule will take advantage of new relationships to check. The rule reads the relationship arc http://www.xbrl.org/2021/arcrole/concept-dimensional-equivalent to determine the axis, members and line items equivalent associated with a taxonomy line item.

DQC_183 - Face Financial Statement Location using the Accrual Axis

• The rule is intended to ensure that the StatementOfFinancialPositionLocationActivityAccrualAxis axis has been used correctly in filings and the BalanaceSheetLocation axis is not used to indicate the accounts where accruals are posted to.

DQC_184 - OCI Reconciliation of Before Tax and Net of Tax OCI

• The rule is intended to ensure that the OCI elements have been reported with the correct signage.

DQC_185 - Reconciliation in Schedule Of Unrecognized Tax Benefits Roll Forward Table Text

• The rule checks whether the reconciliation facts are contained within the ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock in the inline XBRL filing. In 2024, the FASB updated the taxonomy to include Unrecognized Tax Benefit elements to be included in the text block element ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock. Previously these reconciliation elements were descendants of SummaryOfIncomeTaxContingenciesTextBlock. This rule only applies to the 2024 taxonomy.

DQC_186 - Dividend Disclosures in the Components of Equity (IFRS)

• The rule identifies where the filer has used inappropriate combinations of dividend elements in the Statement of Shareholders Equity. Three components of the rule check that:dividend elements used with the retained earnings member are reported with a positive value, dividend line items have been used with the appropriate members of the ComponentsOfEquityAxis, and the concepts DividendsPaidOrdinarySharesPerShare and DividendsPaidOtherSharesPerShare are not used with a redundant class of stock axis.

DQC_187 - Property Plant and Equipment Calculation

• This rule tests that the elements PropertyPlantAndEquipmentGross and PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization are recorded correctly. Four components of the rule check calculations to determine these elements are recorded consistently.

DQC_188 - Proxy Statement

• This rule identifies the members used on this axis in the filing and compares the members used to the members defined in the SEC taxonomy. If there are no common members the rule will report an error. It is expected that the filers will use the members defined in the SEC taxonomy and will not create all extension members.

DQC_193 - Standard Dividend Member Name

• Isolated rule 10153 from initial placement in DQC_179 so this rule can have a later effective date. This rule supports the DQC Dividend guidance.

Biggest Impact?

We expect a large increase in the number of DQC validation messages related to Rule 178, 179, 180, and 193 for Dividend disclosures. These rules were designed to detect updates needed for the new guidance intended to unify dividend disclosures throughout the financial statement reports.  FASB released an updated FAQ 2.23 to provide guidance on tagging dividend per share amounts and related information. XBRL US also has issued guidance in an article titled Reporting US GAAP Dividend Disclosures in XBRL - FAQ. 

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 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.

The new rules 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!