Many of you may have seen this blog post in Forbes this week. What’s our take?
The fact is companies make a lot of errors in the ‘Document and Entity’ section. This is particularly frustrating because it seems like by far the easiest section to get right, and therefore, people (like the author of this article) see these errors first thing and instantly assume the rest of the filing is, well, junk.
But here’s the good news: DEI errors are simple to catch and correct (we have fixed in our database close to 10,000 DEI errors, including share counts, share dates, filing dates, etc.). AND It turns out that the rest of the filing actually isn’t junk…obviously we all know errors exist, but strangely enough at a significantly lower rate than in the DEI.
Want to discuss it more? Join Philip Engel and Calcbench co-founder Alex Rapp on Wednesday at 3pm for XBRL-US’s webinar on data quality…love to have lots of people there. Among other things I’ll demo our new ‘filer portal’ which will hopefully help educate filers more about these issues.