Principles and Criteria for XBRL-Formatted Information
The process to accurately tag financial statements and create XBRL files is complex. Companies need to have the proper review processes in place in order to mitigate the risk of errors in their files. The AICPA recognizes that those who prepare and review XBRL files need a consistent basis to evaluate the quality of these files. The AICPA has developed a tool to provide preparers, reviewers, practitioners and users of information formatted in XBRL a basis to develop their own controls and procedures to evaluate the quality of XBRL files. The Principles and Criteria for XBRL Formatted Information represent a means for assessing the quality of XBRL files. These principles and criteria have been developed for multijurisdictional use and are based on key concepts from best practices and significant local requirements and are meant to be used for applications across a variety of XBRL reporting environments. The document also contains an exhibit that provides application guidance which aligns certain requirements of the Securities and Exchange Commission rules for preparing and submitting XBRL files that include financial statements, including the notes, and required schedules with the related XBRL principles and criteria. The principles and criteria meet the requirements under AT section 101, Attest Engagements, in AICPA Professional Standards and have all of the attributes of suitable criteria for use by practitioners to perform attestation engagements.