Core US GAAP domain level verification of core financial reporting semantics was added to the XBRL Cloud Edgar Dashboardwhich was recently released. Core US GAAP domain level semantics includes:
- Balance sheets report assets.
- Balance sheets report liabilities and equity.
- Balance sheets report equity.
- Balance sheets balance.
- Income statements report net income (loss)
- Cash flow statements report net cash flow
Of the approximately 8,000 SEC public company filers who submit 10-K and 10-Q financial reports, only about 180 violate these core US GAAP financial report semantics, which is consistent with my observations. Another observation is that the number of violations of these core US GAAP financial report semantics continues to decrease.
I have been checking these core US GAAP financial reporting semantics two or three times a year for three years. The progress is slow, but good. The fact that XBRL Cloud has added these business rules, and has otherwise made that dashboard easier to understand, will help overall SEC public company report quality.
In addition to a new and improved dashboard, the XBRL Cloud Viewer has also been improved significantly. One of the most useful new features of the Viewer is that you can link directly to any component within an SEC XBRL financial filing. For example, if you click here, you will be taken directly to the balance sheet of the Global Seed Corporation
The improved dashboard and viewer are definitely worth checking out.