Data Quality Committee: Latest Round (Version 14)
- Movement of Concepts between calculation trees
- This rule identifies inappropriate calculation descendants of investing, financing or operating items in a company’s calculation relationships defined in the Statement of Cash Flows.
- It is not expected for cash flow elements to be moved between cash flow categories.
- Element Values Are Equal
- This rule tests that the values reported between element relationships that are identified as accounting relationships are consistent within the filing.
- For example, the value for Assets equals the sum of the values of Liability and Equity.
- Invalid Value for Percentage Items
- This rule identifies where a filer has used a percentage item type with a value that is greater than 10.
- It is expected to be uncommon for a fact value for a percentage item to be greater than 10. This rule helps to identify these possible scaling issues.
- Axis With Inappropriate Members
- This rule tests whether axes within the IFRS taxonomy have inappropriate members. Each Axis within the IFRS taxonomy has specific expectations to what Members are allowable.
- The DQC has provided guidance around Axis/Member combinations to help filers understand expectations related to each Axis in the test and which Member usage is appropriate.
- FS with No Associated Calculation
- This rule identifies where an element is defined in the presentation linkbase (XBRL outline) of the filing for the Statement of Income, Statement of Financial Position, the Statement of Cash Flows and Statement of Comprehensive Income without being defined in a calculation relationship.
- Most elements found within the face statement are expected to be included in a calculation relationship with some exceptions.
While the rules will not be effective until after April 30, 2021, we encourage filers to review and address any errors before the effective date to improve data quality.
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!
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How often do these updates happen and how can I be notified of them? I was shocked to see the related data quality errors in my document with only a week or two before filing. Mike Davis much appreciated if you could answer.
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Hi Yasukiyo Yukawa!
Happy to shed a little light on this for you.
Great question Yasukiyo!
The Data Quality Committee (DQC) seeks to introduce a new set of rules three times a year. Their process includes a public comment period for feedback and eventually an approval process that will determine when they will become available and effective. Typically, the effective dates are usually around 90 days after approval, but this has varied based on rule or ruleset. For example, version 14 was approved on January 25th, but updates for existing rules and new rules are not effective until after February 28, 2021 and April 30, 2021, respectively.
At Workiva, we work to incorporate the latest round of approved rules by the DQC as timely as possible to allow filers to review and address any data quality items. We share those updates in the Workiva Community when they are live in Workiva, both in the form of a release note, accompanied by additional info on the updates (like this post). One way to stay apprised of those updates is to follow both the What’s New and XBRL and iXBRL topics, as we would publish those items there and doing so will send you automatic emails on new product updates, and on need-to-know XBRL items.
For future approved rules/ plug-in updates that coincide with peak filing time, our team will work to share communications as early as possible on expected rule approval and timing for updates to be reflected in Workiva.
Hope this helps! Give us a holler if you do have any further questions. Thanks again, and have a super day!
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