SEC Updates it’s Interactive Data Test Suite – How Will it Affect EDGAR and XBRL/iXBRL Quality?

On a global level, XBRL/iXBRL has revolutionized timeliness, accessibility and comparability in financial reporting. Nevertheless, there are challenges involved in using XBRL data. There is a widespread quality issue that includes numeric values being entered as negative when they should be positive and vice versa, lack of completeness, inconsistency, and use of custom elements in place of standard taxonomy elements; that reduces comparability and results in the inaccuracy of data.