XBRL financial data is published information, just like the traditional printed statements you submit to the SEC in ASCII or HTML, and is viewed by the SEC as subject to Disclosure Controls and Procedures.
Data quality errors in your XBRL statements won't result in a rejection of your filing from the SEC's EDGAR system but they will cause inaccurate data and inconsistencies versus your traditional filing. The SEC's limited liability provision on XBRL data has already been eliminated for most companies which means that regulators and your shareholders are putting greater emphasis on your XBRL filing.
Does your XBRL data communicate what you intended? Have you applied the same level of diligence in preparing the XBRL data to tell your story as you do with the traditional financial reporting process?
This is a test descrtiption. www.aicpa.org
AICPA Member Discount for New Subscribers
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Your company's financial data is more important than ever.
You owe it to yourself, your shareholders, and your management to perform a thorough, repeatable data quality check on your XBRL financials every time.
You can perform an automated check of 15,000+ rules covering over 30 categores of potential problems to identify and resolve errors consistently, comprehensively, cost-effectively, with the XBRL Consistency Suite- the tools to run that kind of comprehensive, consistent check.
Key features and Benefits to Subscribing
With a subscription you can run checks against your XBRL document before SEC submission to identify common data quality issues like incorrect signs, missing concepts, or concepts used inconsistently with the structure of the taxonomy.
Access to an XBRL database of SEC-submitted filings to identify and analyze concepts used and extensions created by peers.
A tool to find definition changes and deprecated items within the concepts you used in your last XBRL submission as you transition to a new release of the US GAAP Taxonomy (e.g., from 2012 to 2013).