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Recent XBRL data improvement seen as first of more to come

Tammy Whitehouse | June 7, 2016

XBRL leaders are making note of significant recent reductions in data errors, but they’re also planning new measures to bring about even more improvement in data quality.

The XBRL US Data Quality Committee says public companies reduced the number of errors in their filings by 64 percent in the first quarter of 2016 compared with the first quarter of 2015. The committee attributes the improvement to a set of validation rules the committee developed and released in November 2015 that are intended to help companies detect inconsistencies or errors in their XBRL-formatted financial statement data. That way, mistakes can be corrected before the data is filed with the Securities and Exchange Commission, which has...

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