Calcbench & Data Quality
While XBRL provides tremendous benefit to filers, regulators, industry analysts, and other finance professionals, XBRL filing errors are putting noticeable strain on the quality of the data and are leaving firms exposed to actions from the SEC or outside parties.
This research paper analyzes the prominence of several types of XBRL filing mistakes, including errors in the Document and Entity Information (DEI), scale errors, and sign switches.
Read the summary version here.
At Calcbench we spend significant time concentrating on data quality. Since we depend on XBRL data for our products, we’ve developed numerous tools for flagging and fixing problems and inconsistencies in XBRL filings, so we can maintain an error-free database.
In addition, we share this error information back with the companies creating the data. Calcbench’s Filer Portal is a complimentary resource for public company filers, where they can check issues we’ve flagged in their filing history in order to learn for the future. In some cases we also reach out directly to filers that appear to be having consistent issues. More about that here.