The improvement is slow and steady which might not be sexy, but the quality of public company XBRL-based digital financial reports continues to improve.
A second software vendor/filing agent, Merrill, joins DataTracks with over 90% of all of the XBRL-based public company digital financial reports which they create being consistent with all 22 of the basic, common sense fundamental accounting concept relations rules.
As can be seen in the four month comparison and comparison across individual consistency check:
- Between June 2015 and September 2015, the total number of public company XBRL-based digital financial reports consistent with all 22 of the basic, common sense fundamental accounting concept relations went from 70.6% to 75.8%.
- For the same period, the total number of inconsistencies with those rules dropped from 3,001 to 2,424.
- If you consider each individual consistency check of which there are 150,040; 98.38% of all fundamental accounting concept relations are shown to be consistent with expectation.
- The least consistent rule is 96.3% which means that at least that percentage of the total 6,820 are consistent with the rule. That means only 3.7% are inconsistent with that rule for some reason.
Comparison across four months:
Information per fundamental accounting concept consistency check:
I don't know if the XBRL US Data Quality Committee is considering adding these basic, common sense fundamental accounting concept relations to their battery of consistency checks. I would encourage you to ask members of the committee why they would not add these basic common sense rules.