DataTracks, a leading global XBRL company for XBRL tagging services and Disclosure Management Solutions, has its software certified by XBRL US Center for Data Quality for successfully running Data Quality Committee (DQC) rules to produce expected results. DataTracks’ XBRL software ‘Disclosure Management Solution’ is one of the five applications to be certified by the DQC.
The Data Quality Committee releases periodically approved guidelines and validations’ rules to help the public companies (under SEC mandate) submit quality XBRL data. These rules comprise other standards in addition to the SEC’s Edgar Filer Manual (EFM). The DQC released seven broad rules on November 18, 2015 which enable verification of the valid usage of thousands of US-GAAP taxonomy elements as per the rule functions. For example, Rule ID DQC_0015 checks the “Negative Value” usage against 2,420 US-GAAP elements. Such tests enhance the usability of the data and increase data comparability and analysis.
XBRL US has facilitated free validation of XBRL data against these rules. These rules are framed and developed by Data Quality Committee members. The DQC members are software and service providers from the XBRL industry who are united in their goal of enhancing the quality of XBRL data. The draft version of these rules are open to the general public for review and comment before they are released in their final shape. DataTracks is a member of the Center for Data Quality and has been actively involved in the rule creation phase.
Campbell Pryde, President and CEO of XBRL US, remarked, “Applications that carry the XBRL US Center for Data Quality Certification are in conformance with DQC rules. Proper implementation of these rules helps issuers improve the quality of their XBRL financials.“
Suresh Illath, COO of DataTracks, affirms, “DataTracks has always been focusing on ‘quality‘ XBRL filing with regulators, worldwide. In the UK too, DataTracks‘ services have been accredited by the tax regulator ‘HMRC‘ and by the Accounting body ‘ICAEW‘. The recent certification from XBRL US‘ DQC has added another feather to our cap and enhanced our credentials in the US market.“
DataTracks US is part of DataTracks Services Limited, leaders worldwide in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue inIreland, Euro filing compliance reports in Europe, ACRA in Singapore and MCA in India.
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