XBRL US seeks public review and comment on version 11 of the Data Quality Committee (DQC) rules. The DQC rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The eleventh set of rules includes guidance for issuers using either the US GAAP or IFRS taxonomies.

On November 19th, XBRL US released the Taxonomy Development Handbook for public review. The handbook is a comprehensive guide that directs regulators, industry experts, and businesses through a practical roadmap to building high quality data standards with XBRL. This freely available, foundational document takes readers through the necessary stages of standards development, including: 1) building the appropriate transport data model, 2) assessing project scope, including use cases and requirements, 3) establishing a governance structure, 4) documenting the standards program, and 5) the step-by-step mechanics of building the taxonomy. The handbook also contains an introduction to the XBRL financial data standard, templates to guide developers in documenting the taxonomy, and case studies of XBRL as a method of improving data reporting in various industries.

Staff at the Division of Economic and Risk Analysis (DERA) at the SEC have released an announcement regarding the use of certain XBRL elements for revenue disclosures. Filers that have adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) should be using the new elements related to this ASU to tag related revenue disclosures in their financial statements and notes. However, the staff has observed that filers instead are using outdated tags under the Accounting Standards Codification Topic 605, Revenue Recognition.