There is no doubt that XBRL has changed the nature of business reporting across the globe. While regulators like ESMA are in the process of adopting iXBRL, SEC has been steadily implementing this standard for more than a decade now. Despite having faced multiple challenges, the US regulator has successfully created a powerful business database that will enable companies to make smart business decisions and allow investors to gauge the potential of a company, should they choose to do so. Companies that have been filing their reports in XBRL/iXBRL can now find out the results and check the quality of their report on the XBRL US Filing Results & Quality Checks page.
XBRL US has ensured that all filings available on this page have been scanned with the Data Quality Committee’s (DQC) approved rules. All the data listed on the website has been retrieved from XBRL US’s Database of Public Filings using the XBRL API standard. Thanks to XBRL API, users can access timely, highly granular, structured XBRL data even with limited knowledge of XBRL.
As mentioned above, you don’t need technical knowledge to retrieve a company’s XBRL data. The Filing Results and Quality Checks page is, in fact, fairly easy to navigate.
Simply follow the below-mentioned steps and you’ll have access to an extensive XBRL database:
Click here to go to the XBRL US Filing Results & Quality Checks page.
Scroll to the database. Find a small display menu that looks like this:
You can also change the ruleset from the drop-down menu. If you have prepared your report as per the SEC EDGAR Filing Manual ruleset, be sure to select it from the menu.
Type the name of your company in the search box and click Search.
Your company’s name and information will appear in the table under the menu with information such as filing date, taxonomy type, document type, whether it’s iXBRL or not, and most importantly, Error Count. Here’s an example:
Cyberfort Software, Inc.
Click on the error, to see the error remark, why it occurred and what action can be taken to rectify it
In this case, since the fact-value is related to expense, the value should be entered in positive only.
Since the fact-value has been reported as negative in the XBRL document it is considered to be an error that you need to rectify
Additionally, click on the link Instance document on EDGAR to be redirected to the XBRL document.