Inline XBRL: An Important Step To Smarter Reporting

XBRL was conceptualized to standardize business and financial reporting. The primary objective was to make data machine-readable which was achieved by using XML technology. The benefits of XBRL data are so huge that in no time, XBRL has now become a global phenomenon. As XBRL adoption is increasing and more user groups such as preparers, reviewers, consumers etc. start using XBRL data, the need for a more simplistic view of information has become unavoidable.

This has led to the development of a new but related specification called inline XBRL or simply, iXBRL. With iXBRL, the machine readable information becomes human-readable. iXBRL hides all the technical jargon of XBRL and presents the user with an e-document which completely resembles the source document or the document before ‘XBRLization’.

We talk in detail about what an iXBRL document is and why should you be prepared: –

Here’s an infographic that clearly elucidates Inline XBRL.

Inline XBRL

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