New XBRL rules proposed

Higher-quality tagging of data is the goal.

The XBRL US Data Quality Committee issued for public comment a set of rules designed to produce higher-quality XBRL tagging in financial reports submitted to the SEC.

Extensible business reporting language (XBRL) is a technology format that allows public companies and other organizations to tag data included in financial statements and footnote disclosures. The tags translate the raw information in financial reports into a language computers can understand.

The AICPA encouraged its members to read and comment on the new rules. The Institute is represented on the Data Quality Committee, which is tasked with providing guidance on XBRL tagging to the XBRL US Center for Data Quality. The AICPA is a member of the Center for Data Quality and of XBRL US, the not-for-profit organization that oversees the technology standard in the United States. AICPA President and CEO Barry Melancon, CPA, CGMA, is chair of the XBRL US board of directors.

The deadline for filing comments is Sept. 14.

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