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, machine-readable information becomes human-readable. iXBRL hides all the technical jargon of XBRL and presents the user with an e-document that 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.
