The Data Quality Committee (DQC) approved a new round of DQC rules for Version 22. The effective date for these rules will be for filings submitted on or after December 1, 2023. The DQC plug-in tool has been updated to reflect this change in the Workiva platform. Round 22 includes ten 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.
- This rule identifies filings where the filer has reported the operating lease expense and variable lease expense but not the operating lease cost. A second component of the rule checks that operating lease expense is not included in the calculation of LeaseCost. The intent of the rule is to allow filers to check that their filing is consistent with the FASB's XBRL implementation guide.
- This rule identifies when the filer has not used all three financial statement abstract concepts in a filing.
- This rule identifies when the filer has defined a member descendant of the element NonrelatedPartyMember and when the RelatedPartyMember is not included as a sibling to NonrelatedPartyMember.
- This rule identifies when the filer has used a single dimension member on one of the following axis:
The rule is intended to guide filers to use the extensible enumeration element rather than creating dimensions when the values are not a disaggregation.
- This rule identifies where the filer has used an invalid or inconsistent trading symbol. The rule checks that the trading symbol does not include invalid characters, identifies if the symbol is not applicable, and the symbol is upper case.
- The rule is intended to ensure that filers use the element SegmentExpenditureAdditionToLongLivedAssets in the segment rather than the cash flow element or PPE additions element. This rule identifies where the filer has used the elements PaymentsToAcquirePropertyPlantAndEquipment or PropertyPlantAndEquipmentAdditions in the segment tables ScheduleOfSegmentReportingInformationBySegmentTable, or ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable and has not included the element SegmentExpenditureAdditionToLongLivedAssets in the table.
- The rule is intended to identify inappropriate use of the Location Axis in the taxonomy. The rule has 3 different checks on the following axes:
The rule does not identify the following line items used with the BalanceSheetLocationAxis in order to prevent false positive results:
- This rule supports FASB guidance for the reporting of the useful life of term leases. If the element PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration is used with a value of UsefulLifeTermOfLeaseMember, then this implies that no value would be provided for the concept PropertyPlantAndEquipmentUsefulLife. If the useful life is the actual term of the lease then the extensible enumeration does not have to be provided. This rule identifies where the filer has used the extensible enumeration element PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration with LeaseholdImprovementsMember on the PropertyPlantAndEquipmentByTypeAxis with a value of 'UsefulLifeTermOfLeaseMember'.
- This rule identifies where the filer has created facts with dimensions that do not fit into a hypercube defined in the extension taxonomy.
- This rule identifies where filers have reported a negative value for the concept FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1. This value however can be negative if the negative value does not exceed the values of FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment or FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest.
We expect a large increase in the number of DQC validation messages related to Rule 161 for Single Member Disaggregation. This rule will appear when a filer has used one of the three defined axes in the rule with only one member used in their document under that axis. In order to clear the DQC error, the rule will require the removal of the axis/member applied to the disclosure as this rule was designed to discourage the use of extra axes applied when a disaggregation of the values is not present.
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!
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