“ iXBRL, or Inline XBRL, is an open standard that enables a single document to provide both human-readable and structured, machine-readable data. iXBRL is used to prepare financial statements in a format that provides the structured data that regulators and analysts require, whilst allowing preparers to retain full control over the layout and presentation of their report".
“iXBRL takes the [X]HTML standard that is used to power the world’s web pages, and embeds extra “tags” into it that give meaning to the figures and statements in a format that can be understood by a computer”.
Tomorrow, it has to be used by the companies listed in the European Union for the ESEF reporting and in August 2018 the SEC (US Securities and Exchange Commission) announced that it will begin requiring Inline XBRL. As it is very new, there are not many examples available. Here are some XBRL-generated financial reports:
- The XBRL consortium on http://www.xbrl.org/ixbrl-samples/ or
- The SEC on https://www.sec.gov/ix?doc=ixviewer/samples/bst/out/bst-20160930.htm
In both cases, an Inline-XBRL viewer is used to improve the user experience. Such viewer exploits XBRL information and provides additional advanced features.
Why is this format suddenly so popular?
This format makes the consultation very easy. Any internet browser may be used to consult Inline-XBRL document . Inline-XBRL format is appropriate for taxonomies based on presentation linkbase such as those required by IFRS, SEC or ESEF.
First define what you plan to publish
The content of the iXBRL report is usually very sensible for the company; the specification of its structure and of its content is a crucial step of the process. So take time to design the initial structure; it will always be possible to refine it later.
Specify your XBRL taxonomy accordingly
The reference taxonomy to be used will be defined by your supervisory authority; for ESMA/ESEF reporting, the ESMA will provide its taxonomy.
The reference taxonomy will serve as a common minimum set of information. Usually, it cannot be used on its own as it has to be customized to reflect your business case. This can be done by specifying a taxonomy extension, a feature of Arelle® Acsone Edition.
With your taxonomy extension you can better define your message to the readers and give your own structure to your report.
Then, specify your content
ESEF, SEC or IFRS reports combine financial statements with notes. Financial statements are mainly composed of monetary amounts or ratios defined by accounting rules. On the other hand, notes are textual data which you will enter using a text editor. Once all the data are encoded, validate your report with Arelle® Acsone Edition.
Generate the report in Inline-XBRL format
This step consists of retrieving all the facts (=content) encoded within the XBRL report and generating an Acsone's Inline-XBRL formatted document. The generation of Inline-XBRL report is a fully automated process.
Think about the layout
The Acsone's Inline-XBRL generated report will perhaps not correspond to your corporate design. It should certainly be adapted. In that case, only the layout will be impacted, the content remains intact.
Finally, validate the new presentation with the inline-XBRL content and if needed, take corrective actions
Do not forget, the presentation of the XHTML report is important because it is widely distributed, but the XBRL content is of primary importance because it will be processed and archived by your supervisory authority.
Arelle® Acsone Edition covers all the steps of the inline-XBRL process and helps you to fulfil each step with a light, intuitive, open and robust solution.