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XBRL: Avoiding Common Errors in XBRL Creation (Consistency Suite)

April 16, 2010

XBRL US has released a new WhitePaper, Avoiding Common Errors in XBRL Creation.  The release of the WhitePaper coincides with its announcement of a new product, the XBRL Consistency Suite. The Consistency Suite offers XBRL instance validation by performing:

  • Consistency Checks to identify inconsistencies and problems in your XBRL-formatted financial statements with automated “tests” developed by the experts who built the XBRL US GAAP Taxonomy,
  • Taxonomy View and Compare (a beta component) enabling use of pre-created extensions that reflect recent industry and accounting standard changes that can be compared against your own XBRL document,
  • Company Filing Analysis (a beta component) to identify how your peers are tagging their financials and identify common industry practices,
  • Online Community to share ideas and strategies in XBRL creation with XBRL experts and public company preparers as well as seeking advice from the professionals at XBRL US.

The XBRL Consistency Suite can identify many types of instance document errors, the most common of which include:

  • Incorrect use of signs on concepts
  • Concepts used that have been removed from the most recent version of the taxonomy
  • Required values that were not reported
  • Values that should be reported when another value is reported
  • Values that are reported when they should not be reportedValues that should be reported when another value is zero

An annual subscription to XBRL Consistency Suite is available for $4,000 per CIK (less if your already a member of XBRL US). Consistency Checks can be integrated with third party XBRL software and services, so check with your software provider or outsource partner to determine if thy have integrated the Consistency Suite or plan to do so. For more information on the XBRL Consistency Suite, email XBRL US at consistencysuite@xbrl.us.

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