Inline XBRL (iXBRL) is a markup language used for financial reporting that combines the human-readable format of HTML with machine-readable XBRL (eXtensible Business Reporting Language) data.
iXBRL allows companies to include XBRL tags within an HTML document, making it easier to read and understand the financial information by both humans and machines. This format is commonly used for financial statements, such as annual reports, and allows for more efficient and accurate reporting, as well as improved data analysis. iXBRL is not limited to financial reporting and can also be used in sustainability reporting to help companies report on their environmental, social, and governance (ESG) performance.
In essence, iXBRL allows financial information to be presented in a way that can be read by both humans and computers, making it more accessible and easier to analyze. It is increasingly becoming a popular choice for regulatory filings, as it streamlines the reporting process and improves transparency.
iXBRL is gaining popularity as a reporting format for financial and non-financial information globally. It is already being used or mandated for regulatory filings in several countries including the United Kingdom, Ireland, India, and South Africa.
In the United States, the Securities and Exchange Commission (SEC) has allowed voluntary iXBRL filings since 2009 and made it mandatory for large accelerated filers in 2019. The European Securities and Markets Authority (ESMA) also requires iXBRL for certain regulatory filings.
Several other countries are also exploring the use of iXBRL for their regulatory filings. For example, Japan is considering iXBRL as a format for its financial reporting, while the Australian Securities and Investments Commission (ASIC) is also exploring its use for corporate reporting.
Overall, the trend towards greater transparency and standardization in financial and non-financial reporting is driving the adoption of iXBRL globally. As more countries mandate or encourage its use, iXBRL is likely to become an increasingly common format for regulatory filings in the future.
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