Demystifying XBRL

The eXtensible Business Reporting Language (XBRL) is being leveraged world-over by regulators and filers for reporting business and financial information. XBRLization of financial data today is used by over 100 regulators in more than 60 countries.
However, XBRL can be interpreted only by machines. An XBRL instance document is composed of XML files that require a rendering engine or an XBRL instance viewer to interpret and present the data in a human-readable format.
The Inline XBRL (iXBRL) specification on the other hand has been made readable for both humans and machines.

Global implementations of iXBRL

The CIPC in South Africa had mandated Inline XBRL with effect from July 2018. The SEC in the U.S. announced to make iXBRL the de-facto reporting standard beginning 2019 in a phase wise manner, the S.S.M in Malaysia also has passed a peremptory decree for qualifying companies to file in iXBRL, ESMA in Europe has also mandated companies to file in the iXBRL format beginning 2020.

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