CoreFiling’s Touchstone document review tool supports the XBRL Consistency Suite for full quality checking of SEC filings
Oxford, 6th April 2010.
CoreFiling, the leading supplier of XBRL (eXtensible Business Reporting Language) tools to filers, regulators and government agencies, has announced support for the new XBRL Consistency Suite, launched today by XBRL US, the XML standard setter for business information reporting in the U.S.
The XBRL Consistency Suite includes Consistency Checks, a set of 6,000 tests, which companies can run against their financial statements to identify issues related to the use of the XBRL US GAAP Taxonomy before filing with the SEC. The checks can now be accessed through CoreFiling’s Touchstone document review tool. Subscribers to the XBRL Consistency Suite can test their SEC filings against the EDGAR Filer Manual rules, the XBRL 2.1 specification (including XBRL Dimensions), and Touchstone’s own integral “best practice” Quality Checks, as well as the newly released Consistency Checks.
The XBRL Consistency Suite is designed to highlight potential inconsistencies with the XBRL US GAAP taxonomy, addressing issues of data consistency and quality which fall outside the scope of the business rules described in the EDGAR Filer Manual. The Consistency Checks incorporate a large number of custom checks to ensure that the facts presented are fully meaningful within the context in which they appear. Touchstone will flag anomalies when, for example, monetary values wrongly appear as negative or annual amounts fail to agree with cumulative quarterly figures.
Touchstone now provides report preparers with a single view of the full range of “pre-flight” checks. Touchstone highlights problematic facts directly in the XBRL document, rather than just providing a static validation report.
CoreFiling’s CEO, John Turner, commented: “Touchstone is the first tool to incorporate the XBRL Consistency Suite as an integral part of its document review process, which makes it ideal for SEC filers concerned about the quality of their XBRL filings.”
CoreFiling is an official reseller for the XBRL Consistency Suite.