Although the XBRL financial reports prepared by EDGAR Online continue to sail through their SEC reviews and approvals, not every submission goes smoothly. As a result, the XBRL U.S. has launched a set of online XBRL tools intended to help public companies spot inconsistencies related to the use of the XBRL U.S. GAAP Taxonomy in their XBRL documents.
According to XBRL US, thousands of errors have been identified in the over 1,400 XBRL financial statements that have been submitted to date, including incorrect use of signs, missing XBRL-tagged elements, and tags that should not have been reported.
The XBRL Consistency Suite from XBRL U.S. addresses this issue, although the SEC’s own “gate” that automatically checks submissions to ensure syntactic consistency, showing the structured XBRL documents accurately reflect the unstructured (HTML) financial report documents. More information on the suite is available on the XBRL US website.
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